Age is one of the primary factors in determining the cost of long-term care insurance. The younger you are, the cheaper your premiums will be. But you must realize that you will be paying the premiums for a longer period of time before taking any benefits.

The American Health Care Association says that the best time to buy long-term care insurance is when you are between 50 and 55 years of age. A policy that costs $800 a year when you are 55 will cost you twice as much if you purchase it at 65.

However, if your employer sponsors an attractive long-term care group plan at an affordable price, you might want to purchase a policy before the age of 50.

Most insurance companies will not sell policies to those over 85 or with pre-existing medical conditions such as heart disease or diabetes. A quality insurance company will only sell long-term care policies to healthy people who are at low risk for immediate claims. You should be wary of premiums and policies that sound too good to be true. If they don't follow the rest of the market, something is up.

How do you know if you should buy long-term care insurance?

You should consider purchasing a long-term care insurance policy if:

" You have significant assets and income.
" You want to protect your assets and income.
" You want to be responsible for the payment of your own care.
" You want to be independent from the support of your children or family.

How do you know if long-term care insurance isn't for you?

You should consider not purchasing a long-term care insurance policy if:

" You aren't able to afford to pay the premiums.
" You only have limited assets.
" Social Security benefits or Supplemental Security Income is your only source of income.
" You often have trouble making ends meet, such as paying for housing, food, medicine or utilities.