 | Low: $400/year |
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 | High: $1,000+/year |
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| Typical costs: | - The younger you are when you first buy a long term care insurance policy, the cheaper the premiums. A 50-year-old pays about $450-$585 in annual premiums; for a 60-year-old it runs $650-$1,070 each year; and for a 70-year-old its about $1,464-$2,191, according to the Colorado State University Cooperative Extension. The premium doesn't automatically go up as you get older, but it can increase over the years, sometimes quite sharply.
What should be included: | - A type of disability insurance, long-term care insurance covers the cost of daily care for someone (of any age) with an acute or long-term illness or disability. ConsumerReports.org gives an overview, pointing out that while it can be cheaper to buy this insurance at age 40, the average age of a person admitted to a nursing home is 83. That could mean 40 years of paying premiums before benefiting from the policy.
Discounts: | |
Shopping for long term care insurance: | |
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Article updated November 2006 |
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