Cost of Long Term Care Insurance

Curious How Much Long-Term Care Insurance Will Cost?

Paying out of pocket for long term care is often, and increasingly, devastatingly expensive.  Long term care insurance offers a much less costly solution for required care if and when it is needed.

ssk-ltc-planning-fincancialsThe cost of long term care insurance is determined by a number of factors, including:

  • Age: Your age when the policy is issued. The sooner you purchase ltc insurance, the lower the premium you will lock in and less expensive your policy will be.
  • Health: Applicants with preferred health status may be eligible for long term care insurance discounts of up to 8-10%.
  • The Plan: The more comprehensive your LTC insurance policy is, the higher the overall insurance policy will cost.
  • Relationship Status: Those married or with a partner may be eligible for discounts.
  • Group Policies: Those who apply as part of a larger group may qualify for special long term care insurance discounts.

Once age, health, plan, relationship status are accounted for, policies are then designed around four primary components:

  1. Monthly Benefit: The amount you would like to receive each month.
  2. Duration of Benefit: The amount of time your monthly benefits will be paid out.
  3. Elimination Period: The amount of time you are willing to wait before your monthly benefits begin.
  4. Inflation Protection: The growth rate of your benefits over time.

Long Term Care Insurance Cost Estimates

To help illustrate the cost of long term care insurance, we’re provided several plan estimates, below. Long term care insurance policies are highly customizable, so for a more accurate quote, it’s best to speak to a SSK LTC Associates insurance professional.

Single Female

Age Annual Premium Estimate
45 $1,099
55 $1,457
65 $2,615

Single Male

Age Annual Premium Estimate
45 $733
55 $965
65 $1,728

Married Female

Age Annual Premium Estimate
45 $956
55 $1,268
65 $2,275

Married Male

Age Annual Premium Estimate
45 $637
55 $839
65 $1,503

*Policy assumes $5000 monthly maximum and 3 year benefit multiplier for all estimates. Premium estimates for Married Female and Married Male included shared benefits.

For more information about how much long term care insurance would cost for you, contact SSK LTC Associates today to speak with an expert.