Is Long-Term Care Insurance Expensive?


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No, for most people, Long-Term Care Insurance is very affordable. However, it can be more expensive if you are older or have significant health issues. In general, Long-Term Care Insurance is affordable, and that affordability depends on your age, health, and policy design.

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 care services varies. 

Your current and future income, the total amount of savings and investments, and other factors are used to 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, 50-year-old male

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

Premiums can run from $60.58 per month to as much as $149.29 per month with major top-rated insurance companies.

*= benefit levels may vary slightly between companies. Single and female rates are higher with many companies. For comparison use only, examples may differ somewhat from state to state. Seek advice from LTC Insurance Specialist for details.

A healthy, married, 45-year-old femal

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

Premiums run from $86.47 per month to as much as $289.11 per month

*= benefit levels may vary slightly between companies. Single and female rates are higher with many companies. For comparison use only, examples may differ somewhat from state to state. Seek advice from 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. 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.