Long term care insurance cost varies depending on different factors so don’t be surprised that the premium estimates you come across is less or more than that of other people’s premiums. Because these insurance policies were customized to fit the policyholder’s preferences, different factors affect the cost.

To address the question, “how much does long term care insurance cost,” here are the six main factors that affect long-term care insurance cost:

Age and Health

Age and health go hand-in-hand when it comes to policy prices. The general rule is that the younger and healthier a person is when he or she applies, the lower the premiums he or she pays.

Location

The cost of long term care services differ from state to state, so it follows that the premiums also vary based on your location.

Apart from the main factors, these five long-term care policy features also have an impact on your premiums.

Type of Policy

The type of policy—reimbursement, indemnity, and partnership—determine how policyholders pay off claims. The type of policy you choose will have an effect on the cost.

Benefit Period

From a year to a lifetime of coverage, your benefit period is how long the policy you purchase will pay off your ltc expenses. How long you choose to be covered will determine the premiums you pay.

Daily Benefit

The daily benefit is the predetermined benefit amount you receive to cover your daily long-term care needs.

Elimination Period

The elimination period is the time in which you wait before receiving the benefits. During this time, you will have to shoulder ltc costs of any care you receive.

Inflation Protection

The inflation protection feature that long-term care insurance policies have to protect your daily benefits against future rate increases. It helps you keep your ltc costs from exceeding your daily benefit and paying from your own pocket.

Estimate Cost of Long Term Care Insurance

Here are examples of long term care insurance cost estimates for men, women, and couples based on different circumstances, which result in variation in cost. These premiums are based on a maximum daily benefit of $200 for 4 years benefit period.

Can I Save on My Premiums?

We can help you keep your premiums low and here are some ways you can save on the cost of your policy.

Up to 30% Spousal/Partner Discount
Up to 15% Preferred Health Discount
Up to 15% Preferred Health Discount

Long term care insurance cost varies greatly. The estimated rates you could get from one insurance provider can be significantly higher than the other. So, it really pays to shop around first before making a purchase.

The best thing you can do is request for a long term care insurance quote, compare estimate costs and choose what you think will be best for your long term care needs in the future.

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