👉What is the Long-Term Care Insurance Cost by Age?👈
How Much Does Long-Term Care Insurance Cost?
The American Association for Long-Term Care Insurance estimates annual premiums below based on its 2022 study of different long-term care insurance carriers. These assume that your policy has benefits that grow 3% annually.
Annual Premium Estimates
Status Age Premium
Single Male 55 $2,220
Single Female 55 $3,700
Couple 55 $5,025
The costs of long-term care insurance can vary widely, depending on several key factors. We explore some of these below: Remember that these are only averages based on a pool of data from leading insurance carriers.
Health: Some medical conditions will disqualify you from even being able to purchase a policy, including muscular dystrophy, cystic fibrosis, and dementia. That’s because insurers will likely lose money on those policies. Generally, the healthier you are, the less likely you’ll ever need to file a claim, so the lower your premium.
Age: In general, you’ll pay more in long-term care insurance if you take out a policy when you’re older since you’re probably less healthy and closer to needing the assistance the policy covers. This is why American Association for Long-Term Care Insurance recommends you begin shopping for long-term care insurance between the ages of 52 of 64.
Marital status: When combined, premiums tend to be lower for married couples than for individuals paying for a personal policy.
Gender: Because women tend to live longer than men and make claims more frequently than their male counterparts, women tend to pay more for insurance premiums. The American Association for Long-Term Care Insurance study showed that a single female pays an annual premium of $3,700 on average while a single man that age paid $2,220.
Carrier policies: Each insurance carrier sets rates and underwriting standards. You should gather quotes from different carriers. You can also work with an experienced long-term care insurance agent to gather these and help you understand the differences between insurance policies. They can also help you determine the coverage you need so you don’t over-insure.
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Do not consider this video as a substitute for professional medical advice, diagnosis, or treatment for the viewer or reader. We strongly urge you to contact your own physician with any questions regarding your medical condition. If you have an emergency, call 911 immediately or see your physician. Do not allow this information to let you disregard your professional’s medical advice or delay seeking information from this content. Do not rely on information provided by this general education video.
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