The cost of long-term care insurance can vary significantly depending on various factors. Here are some key factors that can influence the cost of long-term care insurance:

Age:

Premiums generally increase with age. The younger you are when you purchase a policy, the lower the premiums are likely to be.

Health:

Your health condition at the time of applying for long-term care insurance can impact the cost. Insurers may require medical underwriting, which involves evaluating your health history and may result in higher premiums if you have pre-existing health conditions.

Coverage Amount:

The amount of coverage you choose, such as the daily or monthly benefit amount, will affect the premium. Higher benefit amounts will typically result in higher premiums.

Benefit Period:

The length of time for which the policy will pay benefits, often stated in years, can impact the premium. Longer benefit periods generally lead to higher premiums.

Elimination Period:

The elimination period, also known as the waiting period, is the period during which you must pay for your long-term care expenses out-of-pocket before the policy starts providing benefits. Shorter elimination periods usually result in higher premiums.

Inflation Protection:

Inflation protection is an optional feature that adjusts the benefit amount to account for the increasing costs of care over time. Policies with inflation protection typically have higher premiums.

Gender:

Historically, women have paid higher premiums for long-term care insurance due to their longer life expectancy and higher likelihood of needing long-term care.

Insurance Company and Policy Features:

Different insurance companies offer varying policy options and features, which can affect the cost. It’s important to compare quotes from different insurers to find the best coverage at a competitive price.

To get an accurate cost estimate for long-term care insurance, it’s advisable to request quotes from insurance providers, taking into account your specific age, health condition, coverage preferences, and other relevant factors. Consulting with a licensed insurance agent or financial advisor who specializes in long-term care insurance can also help you navigate the options and find a policy that fits your needs and budget.

Roy Snarr has built a multi-million dollar business marketing and selling asset protection strategies for “safe” retirement.  CFF®, CLTC®, NSSA ®, LACP