Long Term Care Insurance Costs, Premiums, & Rates

Long Term Care Insurance Costs, Premiums, & Rates

When thinking about long term care there are two different types of costs to consider. The first is the actual cost of long term care, and the second is the cost (or premium) to pay for long term care insurance.

In the United States the median daily cost of a semi-private nursing home is $193, according to the Genworth 2011 Cost of Care Survey conducted by CareScout®. This is equivalent to $70,455 per year. Based on the same survey, the six-year annual increase in the cost of care is 5-percent per year. This would indicate in 10-years the median daily cost for long term care services will be $314 per day.

Consider these facts:

  • Of individuals age 65 or greater 70% will require some form of long term care services during their lifetime.1
  • Although most long term care services are received at home, the average length of stay in a nursing home is just under 3-years.2
  • In 2000, 13 million paid for long term care services. That number is expected to increase to 27 million by 2050.3

It is difficult to provide actual numbers on what long term care insurance costs due to several factors:

  1. Each long term care insurance policy has to be approved by the state in which the policy is available. In some situations, a carrier will offer Policy A in some states, and Policy B in other states.
  2. Depending on the benefit amount, benefit period, inflation option, and elimination period the price of a policy can vary drastically. Individuals can also add features and benefits to the policy at an additional cost.
  3. Premiums are based on the age of the insured when coverage is obtained. The younger and healthier the insured the lower the long term care insurance rates will be.
  4. Different discounts are available based on if you are single, married and applying individually, or married and applying with your spouse. There are also discounts available for domestic partnerships utilizing the same discounts available to a married couple.
  5. Determining whether or not an individual will medically qualify for long term care insurance coverage plays a vital role.

These are just a few factors that can affect the price of a long term care insurance policy. Each policy and personal situation is different. That is why it is important to discuss your individual needs with a Long Term Care Insurance Info advisor. This will allow you to learn more about what a policy would cost based on your particular needs.

In order to demonstrate what long term care insurance costs, and how rates can vary we have prepared the following options based on several scenarios.

Please select from the links below the option that most accurately describes your situation:

For more specific information on what a long term care insurance policy would cost for your particular situation you can request a long term care insurance quote or call us at (877) 402-2235.

Applying Individually

The following information is for illustrative purposes only, and is presented to provide a general understanding of what long term care insurance would cost under several different scenarios. In order to provide you with more accurate and detailed information you should request a long term care insurance quote.

The information presented in the tables below assumes a $150 daily benefit with a 90-day elimination period, assuming a standard health class. The information is sorted by inflation option and benefit period.

Future Purchase Option

Age3-Year Benefit Period5-Year Benefit PeriodUnlimited Benefit Period
45$695$825$1,426
50$802$990$1,634
55$947$1,257$1,891
60$1,183$1,582$2,380
65$1,745$2,353$3,564
Benefit Pool (Today):$164,240$273,750N/A
Benefit Pool (In 30 Yrs.):$164,240$273,750N/A

3% Compounded Inflation

Age3-Year Benefit Period5-Year Benefit PeriodUnlimited Benefit Period
45$1,195$1,515$2,454
50$1,294$1,710$2,634
55$1,451$1,927$2,898
60$1,754$2,345$3,529
65$2,553$3,442$5,213
Benefit Pool (Today):$164,240$273,750N/A
Benefit Pool (In 30 Yrs.):$398,678$664,463N/A

5% Compounded Inflation

Age3-Year Benefit Period5-Year Benefit PeriodUnlimited Benefit Period
45$1,886$2,485$3,873
50$1,989$2,629$4,049
55$2,130$2,827$4,253
60$2,567$3,431$5,163
65$3,525$4,754$7,199
Benefit Pool (Today):$164,240$273,750N/A
Benefit Pool (In 30 Yrs.):$709,836$1,183,131N/A

These are hypothetical examples and do not necessarily reflect what the actual cost may be. There are a number of factors that influence the pricing of a long term care insurance policy. To learn more about what long term care insurance may cost for your particular situation request a long term care insurance quote.

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Married or Domestic Partnership Applying Individually

The following information is for illustrative purposes only, and is presented to provide a general understanding of what long term care insurance would cost under several different scenarios. In order to provide you with more accurate and detailed information you should request a long term care insurance quote.

The information presented in the tables below assumes a $150 daily benefit with a 90-day elimination period, assuming a standard health class. The information is sorted by inflation option and benefit period.

Future Purchase Option
Age3-Year Benefit Period5-Year Benefit PeriodUnlimited Benefit Period
45$590$778$1,212
50$682$902$1,389
55$805$1,069$1,607
60$1,006$1,345$2,023
65$1,483$2,000$3,030
Benefit Pool (Today):$164,240$273,750N/A
Benefit Pool (In 30 Yrs.):$164,240$273,750N/A
3% Compounded Inflation
Age3-Year Benefit Period5-Year Benefit PeriodUnlimited Benefit Period
45$1,016$1,338$2,086
50$1,100$1,454$2,239
55$1,234$1,638$2,463
60$1,491$1,993$2,999
65$2,170$2,926$4,431
Benefit Pool (Today):$164,240$273,750N/A
Benefit Pool (In 30 Yrs.):$398,678$664,463N/A
5% Compounded Inflation
Age3-Year Benefit Period5-Year Benefit PeriodUnlimited Benefit Period
45$1,603$2,112$3,292
50$1,691$2,235$3,441
55$1,810$2,403$3,615
60$2,182$2,917$4,388
65$2,996$4,041$6,120
Benefit Pool (Today):$164,240$273,750N/A
Benefit Pool (In 30 Yrs.):$709,836$1,183,131N/A

These are hypothetical examples and do not necessarily reflect what the actual cost may be. There are a number of factors that influence the pricing of a long term care insurance policy. To learn more about what long term care insurance may cost for your particular situation request a long term care insurance quote.

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Married or Domestic Partnership Applying Jointly

The following information is for illustrative purposes only, and is presented to provide a general understanding of what long term care insurance would cost under several different scenarios. In order to provide you with more accurate and detailed information you should request a long term care insurance quote.

The information presented in the tables below assumes a $150 daily benefit with a 90-day elimination period, assuming a standard health class. The information is sorted by inflation option and benefit period.

Future Purchase Option
Age3-Year Benefit Period5-Year Benefit PeriodUnlimited Benefit Period
45/45$902$1,189$1,854
50/50$1,044$1,380$2,124
55/55$1,231$1,634$2,459
60/60$1,538$2,056$3,094
65/65$2,269$3,059$4,634
Benefit Pool (Today):$164,240$273,750N/A
Benefit Pool (In 30 Yrs.):$164,240$273,750N/A
3% Compounded Inflation
Age3-Year Benefit Period5-Year Benefit PeriodUnlimited Benefit Period
45/45$1,553$2,047$3,191
50/50$1,682$2,224$3,424
55/55$1,886$2,505$3,768
60/60$2,281$3,049$4,587
65/65$3,319$4,475$6,777
Benefit Pool (Today):$164,240$273,750N/A
Benefit Pool (In 30 Yrs.):$398,678$664,463N/A
5% Compounded Inflation
Age3-Year Benefit Period5-Year Benefit PeriodUnlimited Benefit Period
45/45$2,451$3,230$5,035
50/50$2,586$3,418$5,263
55/55$2,769$3,676$5,529
60/60$3,337$4,461$6,712
65/65$4,583$6,180$9,359
Benefit Pool (Today):$164,240$273,750N/A
Benefit Pool (In 30 Yrs.):$709,836$1,183,131N/A

These are hypothetical examples and do not necessarily reflect what the actual cost may be. There are a number of factors that influence the pricing of a long term care insurance policy. To learn more about what long term care insurance may cost for your particular situation request a long term care insurance quote.

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  1. DHHS, 2008. Statistics taken from www.longtermcare.gov. Administration on Aging: 202 619-0724.
  2. American Association for Long-Term Care Insurance (AALTCI). 2008 LTCi Sourcebook.
  3. U.S. Department of Health and Human Services, and U.S. Department of Labor. The future supply of long-term care workers in relation to the aging baby boom generation: Report to Congress. Washington, DC: Office of the Assistant Secretary for Planning and Evaluation, (2003).