The younger you are, the less your long term care insurance rate will be. If you are in your forties and in good health your yearly premium will be in the low hundreds but if you are in your 60's the premium goes into the thousands.
Long term care (LTC) premiums are also determined by the benefits that are included in the policy.
Non-forfeiture benefits can double your long term heath care premium.
A nonforfeiture benefit provides the insuree some benefits if s/he lapses in paying the premium. Most likely the reduced
benefits will not cover the high costs associated with long-term care.
Also look for an inflation protection in a LTCI policy. John Hancock includes this benefit in their long term care policy and I did not find that the rate increased.
Another issue to keep in mind is that long term care insurance polices may not cover all the care that a person may need. Therapies and medications are not covered under the long term care insurance. A nursing home cost could be over $64,000 a year. An assisted living facility cost $120,000 a year or about 1700.00 a month.
Home care cost is about $1500 - $2000 a month, depending on the care that you are required to have to maintain daily activities and number of days that a caregiver will need to come to your home.
When purchasing long term care insurance, take in consideration your income now and what it will be in future years. And don't forget to include college tuitions and expenses for your children. You will want to keep up the long term care insurance as it is expensive and like other health insurance there is no return on the premiums once you cannot pay them.
Here are a couple of examples of what it may cost you for long term care insurance depending on your age.
Start a retirement goal immediately! You are under no obligation.
Then you can estimate what you will be expected to pay. To get even more information, you can get a free online long term care insurance quote from an impartial expert. Long Term Care
Review
is here to help you to make an informed decision and to find out what choices you have.
