Cost of Long Term Care Insurance
The cost of Long Term Care
Insurance can vary dramatically depending on the type of policy
you purchase, what benefits you choose and the age you purchase
a policy, of course the younger you are at the time you purchase
the lower the premiums will be (see example below).
Today, most LTC Insurance
policies are comprehensive policies meaning they include home
health care coverage, nursing home care coverage, assisted living
coverage, etc. You also have to take into consideration how
many years you want insurance coverage for, how much per day,
inflation coverage and waiting period. More so you have to take
into consideration your marital status and health conditions
if any. Many carriers offer a significant discount for being
married or even living with a partner even if you are not married,
and a Preferred health discount for good health.
According to America's
Health Insurance Plans a policy with a $150 per day, 4 year
benefit period, 90 day waiting period the cost for a 50 year
old the national average is $564 per year in 2002. The same
policy benefits for a 65 year old is about $1,337, and $5,330
for a 79 year old. The same policy benefits with inflation coverage
included the average costs for a 50 year old is $1,134, $2,346
for a 65 year old, and $7,572 at age 79. These premiums are
national averages and can vary widely by state (1.).
Premiums typically stay
the same each year unless the company has a rate increase with
for the entire class of policyholders at the same time, and
this generally does not happen with A rated carriers.
What would your premiums
be with your current age, in your state? - Get
a quote to find out!
1.
America's Health Insurance Plans, Guide to Long-Term Care
Insurance
Other Long Term Care Tools
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