Rising long-term care (LTC) costs and population ageing have shaped LTC policies, emphasizing ‘ageing in place’. This may have changed the composition of the care networks as well as the wellbeing of older adults living at home. This study examines changes in the prevalence of care networks (no care, partner care, informal care, publicly provided formal care and privately paid care) and the associations between care networks and psychological wellbeing across three decades (1992–2022) of LTC policy and societal changes. Using 5,496 observations from 3,999 participants in the Longitudinal Aging Study Amsterdam, multi-level regression analyses were conducted, controlling for age, sex, partner status and physical and cognitive functioning. Findings show that, since 2012, formal care and no care usage increased, while use of partner, informal and privately paid care declined. Formal care users reported more depressive symptoms, with the gap between formal and no care users widening in 2012 and 2022. In conclusion, our study highlights the robustness of associations between care networks and wellbeing over time. Formal care, however, is increasingly negatively related to wellbeing, underscoring the need for improved formal care provision and a deeper understanding of its broader impact on wellbeing.