Long-term care solutions

Pricing for long-term care insurance varies. Below are some factors that impact how much you’ll pay for a policy:

Age, health and gender

People who are younger and healthier typically pay less for long-term care insurance premiums. As age increases, the cost of insurance rises. In addition, women often pay higher premiums than men. This is because, statistically, they tend to live longer and are more likely to need long-term care.

Marital status

Some insurers offer premium discounts for married couples or partners who buy policies together.

Coverage amount and duration

Premiums increase with more comprehensive coverages (e.g., higher daily or monthly benefits) and a longer benefit period.

Elimination period

This refers to the waiting period before benefits kick in. Elimination period options typically range from 0 to 365 days, with lower premiums for longer periods.

Location

The cost of care can vary by region.

Riders and additional features

Optional policy features, such as shared care benefits, return of premium or nonforfeiture benefits, can add to the overall cost.

Long-term care coverage can range from personal care to home modifications or updates that need to be made to make it safe for you to remain there. Some policies will reimburse for long-term care expenses, while others will be the maximum benefit regardless of expenses.

Consider getting long-term care insurance in your 50s or even earlier, if your financial situation allows it. This is typically before health issues arise, allowing you to secure lower premiums and ensure coverage when needed. It’s a good option if you’re planning for both long-term care needs and legacy planning.

Medicare will cover long-term costs for only up to 100 days (after a 3-consecutive-day stay in a hospital under treatment). Long-term care coverage can pick up where Medicare leaves off.