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The Cost of LTCI

The cost of long-term care insurance varies widely based on several factors:

  • Age and Health: Premiums are generally lower if you purchase a policy at a younger age and when you are in good health.
  • Gender: Women typically pay more than men because they tend to live longer and are more likely to need long-term care.
  • Marital Status: Married couples often receive discounts on their premiums.
  • Benefit Amount and Duration: The cost is influenced by the daily or monthly benefit amount you choose and the length of time benefits will be paid (for example, three years, five years, or for a lifetime).
  • Elimination Period: This is the waiting period before benefits begin. A longer elimination period usually reduces premiums.
  • Inflation Protection: Adding inflation protection increases the premium but ensures that benefits keep pace with the rising costs of care.

The cost of long-term care insurance can also vary significantly depending on where a person lives. This can add another challenging factor when people begin to think about purchasing a long-term care insurance policy. According to the survey, people often overestimate the cost of LTCI. When the survey participants were presented with a sample of an LTCI policy, 20 percent guessed the policy cost more than $500 per month when, in fact, the policy cost $130 per month.