What is the cost of LTC insurance?

The cost of LTC insurance (LTCi) depends on several factors:

1. Your age: The younger you purchase, the lower your premiums will be every year.  Each year you wait to purchase raises your your yearly premium by 8% to 12%.  Once you purchase, your age is locked in, and you will always pay premiums based on your original purchase age. 

2. Your health history:  Insurance companies have several health rating categories that they use to determine your premium.  "Preferred" rates are available for those with the best health histories; generally at a 10% to 25% discount from standard rates.  "Standard" rates apply to those in average good health, even if taking a number of prescriptions, as long as any chronic issues are well controlled with medication.  "Higher or rated" premiums are used for those who have substantial health issues.  Once you purchase, your health rating is locked in, and you will always pay premiums based on your original health rating, regardless of how much your health may may change for the worse as you get older.  

3. Your coverage levels:  You can choose LTCi benefit levels to suit your expected need, based on the costs of care in your area, and if you are willing to "co-pay" for your care.  Of course, the higher the benefit levels are, the higher the premiums are.  Once you purchase, your benefits levels are guaranteed for life.

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Note:  You can adjust your coverage levels at the time of application so that the premiums are affordable for you.