By the time most Americans start shopping for long-term care insurance, they're already in their late 50s or 60s.
The product is cheapest when you're young and healthy, and most of us don't think about it until a parent needs help.
Here's what the numbers look like right now.
A healthy 60-year-old couple can expect to pay roughly $3,000 to $4,000 a year combined for a policy with meaningful coverage, according to industry cost surveys.
A single 60-year-old man might pay around $1,000 to $1,500 annually.
A single woman the same age often pays 30% to 50% more, because women statistically live longer and file more claims.
Wait until 70, and you may be looking at double or triple the rate — if you qualify at all.
Insurers can raise premiums on an entire class of policyholders, and many have.
Some buyers who locked in rates in the 2000s have watched their premiums climb by 50% or more over the years.
That's legal, it's disclosed in the fine print, and it catches people off guard when a bill arrives in the mail.
There's also the question of what the policy actually pays.
Many plans cover a daily benefit — say $150 or $200 a day — for a set number of years.
A private room in a nursing home now runs over $100,000 a year in many states, and home health aides can cost $30 an hour or more.
A policy with a $150 daily benefit covers less than half of that in some markets.
First, figure out what you're protecting.
If you have $500,000 in retirement savings and a house, a long illness could wipe out most of it.
If you have modest assets, Medicaid may eventually cover nursing home care after you spend down — which is its own kind of cost.
A traditional long-term care policy is one option.
So is a hybrid policy that combines life insurance with a long-term care benefit, which costs more upfront but won't raise premiums later.
Some employers offer group coverage that's cheaper but skinnier.
And some families simply self-insure by setting aside money and relying on family help.
That's the waiting time before benefits kick in — often 90 days.
You pay out of pocket during that stretch.
Fourth, check whether the policy covers home care, adult day care, and assisted living, not just nursing homes.
Most people say they want to age at home, and a policy that only pays for institutional care may not match that wish.
One more thing worth knowing: premiums you pay can sometimes count as a medical expense deduction if they exceed a certain percentage of your income, and some states offer their own tax credits.
It's worth asking a tax preparer before you write the check.
The bottom line is that long-term care insurance isn't right for every household, and the pricing punishes delay.
But going in without understanding the premium hikes, the daily benefit caps, and the elimination period is how people end up paying for coverage they can't really use.
Get quotes from at least three carriers, ask what triggers a rate increase, and run the numbers against what you'd pay out of pocket.
Our take: this is one of the few purchases where waiting to decide is itself a decision, and usually the more expensive one.
If you're in your 50s and healthy, a few hours of comparison shopping now beats a panicked phone call in your 70s.
Final Thoughts
Just don't buy on fear — buy on the math.