Co-Founder, Coastal Financial Partners Group, California
The premiums for long term care insurance vary based on the insured's age of issue, health and options selected. Some insurers give discounts for spouses applying at the same time and for preferred risk factors. Gender specific premium rates is a recent trend. As an example, for a 60 year old, a tax-qualified individual comprehensive policy with 3 year level benefit, 90 day elimination period, is approximately $1000 annually per 100 of daily benefit. A qualified insurance professional can help assess your specific needs and budget and shop the market for you.
Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
Long term care insurance cost is dependent on your gender, age, smoking status, health history and current medical condition. It also depends on how you design your policy for coverage benefits like elimination period or purchasing riders for inflation. A male, non smoker age 60 will pay around $300 a month for full coverage with an inflation rider.
Specialist, LTCi, DI, Annuities, Life, Designs In Life, LLC, Utah
The cost of long-term care insurance has gone up dramatically in the last 10 years. To get an affordable policy for the average person today is a real challenge for the agent. The middle class consumer has, essentially, been priced out of the market for policy designs that were frequently used 10 years ago.
To get an affordable policy, the agent has to think outside the box, and the middle class consumer has to understand the value of long-term care insurance.
1. No long-term care policy can promise to pay for all of one's potential end-of-life health care costs, no matter how much one pays.
2. Conventional designs are no longer valid for the vast majority of those that want an affordable LTC insurance policy.
3. Long-term care insurance, however, is still a very important consideration. For a base policy, figure on it costing between $200-$400/month depending on age.
4. Even if the policy one can afford might only pay for 1/3 to 1/2 of one's projected costs, it would be worth it.
It's not just about cost, although that is an important factor. LTC insurance is for the caregiver, not the insured. The entire immediate family - and sometimes the extended family - is affected by an elderly loved one that can't take care of routine, daily activities, and needs attention 24/7. The emotional, psychological, and physical energy expended collectively can be a huge impact to the caregiver(s). Being able to afford even a short break now and then from caregiving can be the difference between the caregiver remaining healthy or getting sick as well. That's the value of long-term care insurance. Some is better than none.
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To get an affordable policy, the agent has to think outside the box, and the middle class consumer has to understand the value of long-term care insurance.
1. No long-term care policy can promise to pay for all of one's potential end-of-life health care costs, no matter how much one pays.
2. Conventional designs are no longer valid for the vast majority of those that want an affordable LTC insurance policy.
3. Long-term care insurance, however, is still a very important consideration. For a base policy, figure on it costing between $200-$400/month depending on age.
4. Even if the policy one can afford might only pay for 1/3 to 1/2 of one's projected costs, it would be worth it.
It's not just about cost, although that is an important factor. LTC insurance is for the caregiver, not the insured. The entire immediate family - and sometimes the extended family - is affected by an elderly loved one that can't take care of routine, daily activities, and needs attention 24/7. The emotional, psychological, and physical energy expended collectively can be a huge impact to the caregiver(s). Being able to afford even a short break now and then from caregiving can be the difference between the caregiver remaining healthy or getting sick as well. That's the value of long-term care insurance. Some is better than none.