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Determining the cost of long-term care insurance

Posted by David Lilien | Mar 24, 2016 10:00:00 AM

In our last blog post, we examined the cost of long-term care (LTC). We discussed how health insurance doesn’t provide LTC coverage and that Medicare’s benefits may not fully cover all long-term care related costs. This is where long-term care insurance becomes a valuable decision.

Now that you’re familiar with the costs associated with receiving any type of care long term, you may be asking yourself, “OK. If I want to protect myself or my family, how much will long-term care insurance cost me?” The answer? “It depends.” That is because the cost of a LTCI policy is dependent on a variety of factors, including but not limited to:

  • The type of policy you select
  • The amount of coverage you select
  • Your age
  • Your health
  • The state you live in

Additionally, many LTC insurance companies offer spousal and preferred health discounts that can be factored in. Here’s a sample quote for a female and a male age 55:

As you can see, there is no “one size fits all” policy or amount of coverage when it comes to purchasing long-term care insurance. The good news is there are a wide variety of coverage options available making it possible to choose the option that best fits your budget and situation.

The best way to determine the right fit for you is to speak with a long-term care planning expert who can guide you through eligibility criteria and coverage options to help you select the best policy that aligns with your desired future lifestyle.

WATCH: Long-term Care: Start Planning Now

Topics: Advice articles about planning, Educational Content for Consumers

Written by David Lilien

David R. Lilien is a long term care insurance specialist working with LTCI Partners, LLC., His expertise is in helping individuals and companies by making complex financial products and services easy to understand. Named the Boston University Leavitt Scholar in Economics, Lilien has consulted for top investment and insurance companies, been interviewed by The Wall Street Journal and holds two U.S. patents on guaranteed savings and income processes.

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