The long-term care insurance market is a hot mess. Early on they got the pricing wrong. The thought was people would only need it for a few years or pass away before needing it. WRONG. Not only were early long-term care policy holders using the insurance, they lived for years and years. So the insurance companies had huge payouts they had not anticipated. Here we are now and many people are experiencing steep hikes as the market tries to correct the pricing. I’ve talked to seniors who have policies and got notices for price hikes of 20%, 30% and even 50%. If they cancel they lose all that money. If they keep the policy they are paying out the nose. Many end up reducing the benefits, so that they can afford the price increases. There are some hybrid policies that make it more affordable but the coverage periods are limited.

At your age, you may be too early for it, assuming you stay healthy. I would go over this with a financial planner to determine if it’s right for you.