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CostHelper > Personal Finance  > Insurance > Long Term Care Insurance

Long Term Care Insurance Cost


How Much Does Long Term Care Insurance Cost?

 
low costLow: $400/yearhigh costHigh: $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[1] . The premium doesn't automatically go up as you get older, but it can increase over the years, sometimes quite sharply.
Related articles: Health Insurance, Life Insurance, Disability Insurance

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:
  • The Insurance Information Institute[2] offers tips for cutting premiums costs.
Shopping for long term care insurance:
  • The Consumer Law Page has a detailed guide for avoiding fraud when buying long term care insurance.
  • ConsumerReports.org charts the circumstances making this type of insurance a good idea and when it might be better to skip it.
  • Insurance-e-quote.com[3] gives multiple online quotes.
  • Get a list of registered insurance companies from your state insurance commissioner. The National Association of Insurance Commissioners provides links to these state offices[4] and a way to search for financial details and complaint histories for specific companies.
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External Resources:
  1.  www.ext.colostate.edu/PUBS/consumer/09152.html
  2.  www.iii.org/individuals/longtermcare/how_can_i_buy/
  3.  www.insurance-e-quote.com/?ovch=GGL&ovcpn=quotes&ovcrn=long+term+care+insurance&ovtac=PPC
  4.  www.naic.org/state_web_map.htm
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