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 |  | Low: $400/year |  | 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[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
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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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What People Are Paying - Recent Comments |
| Posted by: Maxine in bethesda, MD. | Posted: February 11th, 2016 02:02PM |
I was 55 yrs. old when purchased.
It's a 6 yr. plan.
I am female.
Am I being overcharged? |
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External Resources: |
- www.ext.colostate.edu/PUBS/consumer/09152.html
- www.iii.org/individuals/longtermcare/how_can_i_buy/
- www.insurance-e-quote.com/?ovch=GGL&ovcpn=quotes&ovcrn=long+term+care+insurance&ov...
- www.naic.org/state_web_map.htm
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