LTC Insurance 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 might cost.

 

Since this is health insurance you need to understand the saying: "you buy it with your health and pay for it with your money." So if you cannot health qualify no matter how much you are willing to pay, you are on your own, you can't get insurance. This is also true for linked-benefit life insurance and annuities with long term care riders.

 

Your premium will be determined by your age when you apply, your health, state of residence, and the benefits you choose. Unlike life insurance where you would usually pick one benefit, the death benefit, with long term care insurance you will be picking at least four benefits; daily or monthly benefit, benefit term (2-10 years), inflation protection, elimination (waiting) period deductible.

 

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? If married do you want shared benefits? Is international coverage important? These questions can only be answered by understanding their significance, and why our advisors provide free assistance.

 

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, see Discounts.

 

The premiums shown are based on a basic policy with average benefits. You pick your plan benefits based on affordable premiums and potential care costs. You can choose entirely different benefits than the sample shown when you apply.



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, marital status, or state of residence.

Age - C = 5% Compound Inflation Protection (3% not shown, is cheaper)
Age - S = 5% Simple Inflation Protection
Age - X = No Inflation Protection
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

 

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 5%: if both apply and both are approved (two people not partners or not married but living together).


Couples as much as 30%: if two apply and two are approved. Example: if both spouses are age 60 the sample rate for Simple inflation protection is $1936/yr. x 2 spouses =$3872 x 25%=$968, $3872-$968=$2904 total annual premium for both spouses. One spouse applying or one spouse approved may get half a full couples discount, usuallly 15% (not offered by all companies). Couples' discounts also apply to domestic partners.

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

If you cannot afford LTC insurance how are you going to afford $6,000 or more a month 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.


GET A PERSONALIZED QUOTE TODAY

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