Long-term care insurance is a valuable financial planning tool considering that it can help cover the cost of nursing homes, assisted living communities and even home health aides later in life. On the other hand, you’ll have to pay premiums to purchase and maintain coverage. And, those premiums can get expensive if you wait too long to purchase a policy. 

Considering the fact that most older Americans (65 years old and older) will need long-term care at some point in their golden years, this type of coverage is an important consideration as you near, or make your way through, retirement. 

But, what if you’re already 65 years old? How much would your long-term care insurance premiums cost? That’s what we will break down below.

Chat with an expert about your long-term care insurance options now. 

How much does long-term care insurance cost for a 65 year-old?

“The cost of long-term care insurance depends on a variety of factors,” explains Kelly Augspurger, CLTC, instructor for Certification for Long-Term Care, an education company that offers certifications for long-term care insurance agents. Those factors for 65 year-old applicants typically include: 

• Gender: “Females pay about 30-40% more than males because females typically live longer and have higher occurrence of claims,” says Augspurger.  
• Health: Premiums tend to be least expensive for the healthiest applicants. 
• Partner status: “Married/partners will receive a discount versus single people,” says Augspurger.  
• Benefits chosen: Your benefit amount and benefit period will play a role in your premiums.  
• Riders: “Inflation (if chosen) and any other riders added on the policy will increase the price,” Augspurger explains.  

So, how much would those premiums cost in terms of dollars and cents?

According to Augspurger, a 65 year-old single male will pay about $2,749 annually for a $4,000 monthly benefit and 3-year benefit period with a 3% lifetime inflation protection rider. Keep in mind that this quote is based on standard rates as “preferred/perfect health rates are not realistic at this age.” Though, Augspurger says that if preferred rates are achieved, your premiums may be between 15% and 20% less expensive. But prices can vary significantly, even accounting for the average difference between the sexes. She also explained that a 65 year-old female would pay about $4,599 annually for a similar policy. 

Compare your long-term care insurance coverage options today. 

Why you should get long-term care insurance now if you’re 65

If you’re 65 years-old, and you don’t already have long-term care insurance, you shouldn’t hesitate to apply. Here are a couple of reasons you should purchase coverage as soon as possible: 

Long-term care insurance prices increase with age

Long-term care insurance providers are in the business of risk management. They know that every policy comes with the risk that the covered party will use their benefits to cover the cost of long-term care. However, that risk is typically greater for older consumers than it is for consumers of younger ages. As such, long-term care insurance premiums usually grow with age. 

Considering this, you may have access to better premiums today. So, look to purchase coverage now. 

You may not qualify if you wait too long

Long-term care insurance companies don’t just consider the financial risk you pose to them when they price your policy. That risk is also a significant consideration when these companies decide if you even qualify for coverage. 

There are several factors that can disqualify you for long-term care insurance, and the risk of those factors impacting your ability to qualify increases with age. In fact, your age is one of them, with rejection rates around 50% by the time you reach 70 years old. Other factors that may disqualify you for coverage include pre-existing conditions, cognitive impairments, mobility limitations, terminal illness and functional impairments. Applying for long-term care insurance now, before these issues arise, can help ensure that you qualify for coverage. 

The bottom line

Depending on whether you are male or female, your long-term care insurance premiums may range from $2,749 to $4,599 annually at 65 years old (though the cost of your policy may be higher or lower depending on the options you choose and the company you purchase it from). And, if you don’t already have coverage at 65, it’s important to purchase a policy as soon as possible. After all, long-term care insurance prices typically rise with age. And if you wait too long, you may not qualify for coverage at all. So, compare your long-term care insurance coverage options now. 

Joshua Rodriguez

Joshua Rodriguez is a personal finance and investing writer with a passion for his craft. When he’s not working, he enjoys time with his wife, two kids, two dogs and two ducks.