Premium Ranges for LTC Insurance Coverage

How much will it cost me? The best way to answer your question is to speak to a broker you're comfy with, and use that broker to help you make the best coverage decisions for your individual situation. Why? Because for every person, there can be over 3000 different premium levels for each policy, as the cost depends upon how much and what kind of coverage you want, as well as your state of health.

To illustrate the improbability of obtaining anything other than generic LTC insurance quotes without personal assistance from a licensed professional, we've listed a wide range of generalized, hypothetical, premium expenses for a hypothetical person(s) at several different ages.

Click blue lines to see.

Comparative Premium Ranges Charts

 
 Entry Age/
Single Person
 Minimal Coverage
Generous Coverage
 40
 $ 303 / year
 $ 3600 / year
 50
 $ 400 / year
 $ 4200 / year
 60
  $ 550 / year
  $ 5600 / year
 70
  $ 1222 / year
  $ 9600 / year
 80
 $1500+ / year
if you're lucky
  Being approved for an LTCi policy at this age is highly improbable.


 Entry Age/
Couple
 Minimal Coverage
per Person
Generous Coverage/per Person
 40
 $ 212 / year
 $ 2600 / year
 50
 $ 250 / year
 $ 2900 / year
 60
  $ 380 / year
  $ 3900 / year
 70
  $ 900 / year
  $ 6700 / year
 80
 $1500+ / year
if you're lucky
  Being approved for an LTCi policy at this age is highly improbable.
 

Minimal Coverage could mean Spousal and/or Preferred Discounts / $100 per day Maximum Daily Benefit / 2 year Benefit Period / 90 day elimination period / no 5% Inflation Adjustment

Generous Coverage could include Facility + Home Care @ 100% / $250 per day Maximum Daily Benefit / Lifetime Unlimited Benefit Period / 90 day Elimination Period / 5% Inflation Adjustment

These figures do not reflect any one, particular state, company or policy. They are for educational purposes only and are presented only to demonstrate the wide range of various, possible premium rates. For your own situation, get your personalized rate quotes now.

Long Term Care Insurance Policy Definitions

Options for the Setting of Care

Facility Only - Covers you for care received in a licensed Assisted Living or Skilled Nursing Facility, but not for care received in a non-licensed setting such as your home.

Integrated Home Care @ 100% - Covers you for care received in a licensed Assisted Living or Skilled Nursing Facility. In addition, covers you for care received in a non-licensed setting such as your home.

Benefit Payment Options

Maximum Daily Benefit - $50 to $400 - How much you want the company to pay out per day?

Benefit Period - 2, 3, 4, 5 or unlimited years - How long you want to receive benefits for your care?

Elimination Period - 0, 20, 30, 60, 90 or 100+ days - How soon you want the payments to begin once you are eligible? The elimination period is the number of days you are willing to pay for care out of your own pocket. Longer elimination period means a lower premium to you.

5% Inflation Adjustment - Refers not to your premium expense, but to your Maximum Daily Benefit. Increases the dollar value of your benefit 5% each policy year to keep pace with rising care costs.

Health can also be an important factor in premium prices.

 

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