Quick Quote
Often
the first thing people want to know about long term care
insurance is "how much does it cost?" Since many
people are just learning about long term care insurance
we put together this page explaining what an average policy
will cost.
Your premium
will be determined by your age when you take out the policy,
your health, state of residence, and the benefits you choose.
Do you
want a deductible or a co-pay, if so how much? Do you want
to pay every year or by quarter and do you want to pay over
your lifetime or for a fixed pay period like 10 years to have
a paid up policy? Is international coverage important?
The
sample below is based on an average plan. You can choose entirely
different benefits than the sample shown. If
you are uninsurable for health reasons or already have been
declined for long term care insurance consider a fixed annuity
with long term care benefits. (Annuity
w/LTC)
To
get an idea of what it would cost you, look at your
age in the chart below, The chart shows the rate for
a single person. If you are married, have a partner,
or are sharing expenses with someone, then see Discounts.
The
premiums
shown are based on a basic policy with average benefits.
You pick your plan benefits based on affordability and
potential care needs. You can Email or
call
us if you have any questions.
SAMPLE
PLAN:
Single
Person
Rate
Daily
Benefit
Pay
Out:
$150
a day
Benefit
Period:
3 year
Elimination
Period:
90
day
Health
Rate:
Standard
Inflation
Protection:
type
indicated
(C,
S,
X)
No
discounts.
No
riders.
Premiums
may
be
different
for
your
specific
age,
health,
benefits,
or
state
of
residence.
|
Monthly
Premium |
Age |
40
- C |
45
- C |
50
- C |
55
- C |
60
- C |
60
- S |
65
- C |
65
- S |
70
- S |
70
- X |
75
- S |
75
- X |
|
145 |
151 |
159 |
191 |
235 |
170 |
302 |
242 |
386 |
256 |
638 |
469 |
. |
|
Annual
Premium |
Age |
40
- C |
45
- C |
50
- C |
55
- C |
60
- C |
60
- S |
65
- C |
65
- S |
70
- S |
70
- X |
75
- S |
75
- X |
|
1650 |
1725 |
1800 |
2175 |
2686 |
1936 |
3451 |
2761 |
4411 |
2926 |
7291 |
5356 |
Age
-
C
=
Compound
Inflation
Protection
Age
- S
= Simple
Inflation
Protection
Age
- X
= No
Inflation
Protection
Inflation
protection increases the
daily benefit annually.
Example:
Daily benefit starting at $150/day
with a 3-year (1095 day) plan.
Does
not require an increase in premium. |
Compound
Inflation Protection |
Simple
Inflation Protection |
| Years |
Daily
Benefit |
Benefit
Account |
Years |
Daily
Benefit |
Benefit
Account |
| 1 |
$150 |
$164,250 |
1 |
$150 |
$164,250 |
| 7 |
$211 |
$231,045 |
7 |
$202 |
$221,190 |
| 10 |
$244 |
$267,180 |
10 |
$225 |
$246,375 |
| 15 |
$311 |
$340,545 |
15 |
$262 |
$286,890 |
|
DISCOUNTS
Residential 15% - if one applies or one is approved.
Couples 20%+ - if two apply and two are approved.
HEALTH
RATING
Class 1, 2, Standard, Preferred.
Preferred health discount 10%, eligibility determined by underwriter.
Other Options
For couples Survivorship Benefit, Shared Benefits
Home Care Elimination Period Waiver
Payment frequency charge: annual-none, semi-annual .51, quarterly .26, monthly
.09
If you cannot afford LTC insurance how are you going to afford $6,000
or more a month out of pocket for care?
You can see it's cheaper to buy when younger.
The risk of waiting is not only the higher premiums when you're older,
you may not health qualify. The
premium will be the same from us or another agency.
The first step is to see if you qualify. We provide current quotes
from all the top companies. Our advisors are here to assist you
in picking the best policy for your needs.
The best investment is one that you do not have
to think about. Long term care insurance will provide you with income
and asset protection ... and peace of mind.
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