Is Long-Term Care Insurance Expensive?


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No, most of the time long-term care insurance is very affordable. However, it can be more expensive if you are older or have major health issues. In general, long-term care insurance is affordable, and that affordability depends on your age, health and policy design.

The larger the benefit, the bigger the asset protection. But 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 huge policy. A Long-Term Care Insurance Specialist like Matt McCann can share with you the appropriate coverage based on your situation and illustrate how a small plan can provide you with your choice of quality caregivers, asset protection, and a reduction in family burden. Remember, many plans include case management. This is a huge resource that, at claim time, can help you and your family find caregivers and make arrangements for your care.

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:

Healthy, married, 50-year-old male

$3000 a month, 3-year benefit pool of money, 3% compound inflation with 90-day elimination period. *

Of ten major companies, the premiums run from $60.58 per month to as much as $149.29 per month.

*= benefit levels may vary slightly company to company. Single and female rate is higher. For comparison use only, may vary slightly from state to state. Seek advice from LTC Insurance Specialist for details.

Healthy, married, 45-year-old female

$3000 a month, 3-year benefit pool of money, 3% compound inflation with 90-day elimination period. *

Of ten major companies, the premiums run from $86.47 per month to as much as $289.11 per month

*= benefit levels may vary slightly between company and company. Single rate is higher. For comparison use only, may vary slightly from state to state. Seek advice from LTC Insurance Specialist for details.

This is why a Specialist in long-term care, like Matt McCann who represents the major companies, can help you find the best coverage at the best value based on your age, health, and needs.