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“Long-term care insurers aren’t concerned that you’re going to die,” Slome says. “They’re concerned that you’re going to live a long life and, thus, [will] need care.” The optimal age to

shop for a long-term care policy, assuming you’re still in good health and eligible for coverage, is between 60 and 65, financial advisers say. Why? This Goldilocks age range is not too

young and not too old. A still-affordable monthly premium coupled with a total savings is a winning combination. However, waiting until age 65 is a gamble, financial planners caution. Anyone

could be rejected because health or medical-test results indicate a high probability of problems that might lead to a need for long-term care. “By waiting, you are betting that you will

stay healthy,” says Michael Foguth, founder and president of Foguth Financial Group in Brighton, Michigan. “It’s a calculated risk.” WHEN TO START CONVERSATIONS WITH A FINANCIAL ADVISER If

your health is OK and you don’t have hereditary problems that insurance companies don’t like, it makes sense to start conversations with your financial adviser in your 50s about the age at

which you should buy long-term care coverage and what the costs might be, says Nicole Birkett-Brunkhorst, a senior wealth planner at U.S. Bank Private Wealth Management in the St. Louis

area. For most people, it makes financial sense not to wait beyond 65 to get coverage. “Typically, once a client is in their mid-60s, this is when we’re really being intentional with these

conversations to get them to move forward,” Birkett-Brunkhorst says. “Since health care costs, inflation and longevity can make or break a financial plan, you need to have a funding plan”

for long-term care insurance. Be aware: Long-term care insurance premiums can increase through the years. But an insurer must get approval from a state’s regulators to raise the premium,

something that doesn’t happen with other insurance, such as for your house. Long-term care insurers have been imposing significant rate hikes for about a decade, and the number of insurers

offering this type of coverage has shrunk. That’s why it’s important to huddle with your financial adviser and map out a plan that takes rate increases into consideration, so you’re not

forced to cancel the policy after you’ve paid premiums for years. CONSIDER THESE FACTORS WHEN BUYING A POLICY When Ryan Graham, a financial adviser at Altfest Personal Wealth Management in

New York City, evaluates a client’s need for long-term care insurance, he first does an analysis to determine if a client has enough assets to pay for long-term care out of pocket. Put

another way, “Is insurance necessary?” he asks. He also asks his clients to analyze their family history with these questions: 1. HEALTH. Do family members have hereditary conditions? 2.

LONG-TERM CARE. Have other family members needed assisted living or nursing care? If the odds of needing future long-term care are high, the next step is to see if insurance “fits into their

budget” and if it’s “realistic to pay premiums,” Graham says. If clients — oftentimes spouses purchase insurance together — can afford to pay from their savings or are willing to sell their

house to finance long-term care, buying insurance is not necessary, he says. But if they are risk averse and don’t like the idea of unknown future costs, they should get the insurance. “We

have these conversations with clients every year starting at 45 and 50,” Graham says. “Usually, the trigger is not pulled till later.” WHAT IF YOU INVEST THE MONEY INSTEAD? Since long-term

care insurance is a big investment with an unpredictable outcome, it’s fair to ask if the money you might lay out on insurance coverage would be better off funneled into stocks and bonds. If

a man invested $173 a month from age 55 to 80 and had a 7 percent return, the investment would grow to $137,171, according to an investment simulation run on Calculator.net. That would be

enough to cover more than half of the current cost of $216,810 for a two-year stay in a private room in a nursing home and serve as a savings account if you never need long-term care, but

self-financing your care that way is no sure thing.