What is the biggest mistake people make buying long-term care insurance?

A few mistakes show up again and again in how people approach long-term care insurance:

• Waiting too long. Every year you wait, premiums rise and the odds of a disqualifying health change increase. Many people intend to buy "eventually" and end up priced out or declined instead. See when to buy.
• Buying on price alone. The cheapest policy is often cheap because the benefit amount, benefit period, or inflation protection is thin relative to real care costs. See how much coverage you actually need.
• Skipping inflation protection to save on premium. A fixed daily benefit chosen today can be worth far less in real terms 15-20 years from now, when you are statistically more likely to need it. See how inflation protection works.
• Not comparing carriers. Pricing and underwriting for the same coverage can vary significantly between carriers — getting one quote and stopping there usually leaves money and options on the table.
• Letting a policy lapse. Stopping payment after years of premiums forfeits the coverage entirely, with no partial credit in most traditional policies.
• Not checking carrier financial strength. A policy you may hold for decades is only as good as the carrier's ability to pay claims that far out. See how to check an insurer's rating.

Most of these come down to the same root cause: treating long-term care insurance as a rushed, price-driven purchase instead of a planned decision made while you are healthy and have time to compare options.

General information only. This is educational and not insurance, legal, tax, or financial advice. Rules and products vary and change — confirm the specifics with a licensed professional.