Deciding whether to purchase long-term care insurance in your 50s may be a relatively easy decision to make. At that age, insurance premiums may still be affordable, and at a younger age, you're more likely to qualify for coverage. But as you age, the average cost of long-term care insurance tends to increase in tandem. At age 75, premiums can be thousands of dollars per year. And, considering the cost, you may wonder if long-term care insurance makes sense.
Long-term care costs may threaten your estateLong-term care insurance costs are calculated based on factors like your age, sex, health and the amount of coverage you need, and can be thousands of dollars or more per year for a 75 year-old. While that may seem expensive, it could be more affordable than paying for the cost of care out of pocket. For example, some types of long-term care can cost more than $100,000 per year on average.