Affordability depends on many factors, including the insurance company you select. Every insurance company has its own products and pricing. Premiums can vary over 100% between insurance companies. Plus, no individual agent, agency, or advisor can give you special deals. Insurance companies file their products and pricing with each state's insurance department for approval.

Long-Term Care Insurance is custom designed. You get to decide the benefits you wish to have in place. These decision points can vary depending on where you live - or plan on living once you are retired since the cost of long-term health care services varies.

Your current and future income, the total amount of savings and investments, and other factors determine the total amount of benefits that would be best for you and your family.

The larger the benefit purchased, the bigger the asset protection. However, here's something to consider: Even a small policy can provide asset protection, especially in a partnership state. Don't make the mistake of walking away from coverage just because you can't afford a large policy.

A Long-Term Care Insurance Specialist like Matt McCann can share with you the appropriate amount of coverage based on your situation. While you don't want to buy a small policy just to buy a small policy, Matt will illustrate how a small plan can provide you with your choice of quality caregivers, asset protection, and a reduction in family burden.

The key is to design a plan specific to you. Matt McCann will ask you several questions so he can make appropriate recommendations. Ultimately, you get to decide the amount of benefits you wish to have in place.

Remember, many plans include case management. This benefit is a considerable resource that, at claim time, can help you and your family find caregivers and make arrangements for your care. Case management gives your family the time to be family and reduces the stress and strain that is otherwise placed on those you love.

Here are some key variables to cost.

  1. Age
  2. Health
  3. Spousal/Co-Habitation Status
  4. Amount of Monthly or Daily Benefit
  5. Benefit Pool or Benefit Period Amount
  6. Inflation (either a specific guaranteed percentage every year or options to buy extra benefit)
  7. State of Residence
  8. Additional Riders (Shared Care, for example)
  9. Elimination Period
  10. Limited Pay Options

Examples

A healthy, married, 55-year-old male

$3000 a month, $108,000 benefit account, 90-day elimination period, no inflation (premiums and exact benefits can vary somewhat depending on state and company)

Comparing the top five insurance companies offering Long-Term Care Insurance, premiums run from as low as $453.96 a year to as much as $705.60 a year.

When you add 3% compound inflation (meaning your benefits - not your premium - increase 3% compounded every year for life), the premiums will range from as low as $972.00 a year to as high as $1711.65 a year.

Keep in mind the premium represents someone with very good health.

A healthy, married, 55-year-old female

The same benefits as above, without inflation, run from as low as $713.30 a year to as high as $1063.20. Adding the 3% compound inflation benefit will run as low as $1617.41 a year to as high as $2712.00 a year.

These premium examples are for comparison use only and can differ somewhat from state to state. Seek advice from an LTC Insurance specialist for details.

An experienced, qualified Long-Term Care Insurance specialist can help you find the best coverage at the best value based on your age, health, family history, and other criteria.

Matt McCann is licensed nationwide and is certified with the federal/state long-term care partnership program available in most states.

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Representing the major insurance companies, Matt can help you shop for the best coverage at the best value, shopping all the major insurance companies so you can enjoy peace of mind for yourself and for your family.

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