Cost of Long Term Care Insurance

Pricing

Just like buying a car, there are many features and conditions that go into pricing your unique situation. You have to choose which policy will best fit your situation. We suggest contacting an LTC Insurance Specialist to get the best estimate.

The two main conditions on initial pricing are:

Elimination Period (the waiting period before the policy pays out)
Benefit Pool (total benefits available to use)

In this case, here is an average policy for a single, male, Oregon resident with no inflation and a 90-day elimination period.

Good

$1,500 Monthly Benefit
$36,000 Benefit Pool
$30/ Month Price

Better

$5,000 Monthly Benefit
$180,000 Benefit Pool
$130/ Month Price

Best

$10,000 Monthly Benefit
$600,000 Benefit Pool
$350/ Month Price

Here is an average policy for a single, male, Oregon resident with 2% inflation and a 90-day elimination period.

Good

$3,000 Monthly Benefit
$75,000 Benefit Pool
$87/ Month Price

Better

$4,000 Monthly Benefit
$144,000 Benefit Pool
$138/ Month Price

Best

$5,000 Monthly Benefit
$180,000 Benefit Pool
$173/ Month Price

Factors

Age

The younger you are, the less you pay. Our average buyer's age is 56 today and getting younger each year. We suggest buying LTCI before you hit 60.

Deductible & Duration

You can significantly change the cost of the policy by adjusting the duration of your benefits. To maximize the benefit for your cost, consider a short 1-2 year policy with pretty high benefits. We call this short and rich.

Current Health

Most carriers look back over the past 3-5 years of your medical history. Just like an auto insurance company would never cover an accident after it happens, long term care insurance carriers will not cover those who have had a significant change in their health status.

Carrier & State

A 50-year old single woman could pay as little as $1,500 per year in one state with one carrier, and up to $3,000 per year for the identical coverage in another state with a different carrier.

Relationship Status

Couples get a break over singles by up to 30% if they both buy a policy. When it comes to gender, in general terms, men do not live as long as women and women currently make up the majority of those on claim.

Add-Ons

Inflation Protection

Inflation protection could increase the cost of the policy by anywhere from 25-40% depending on which type of inflation protection you get. Inflation helps your policy grow over the years.

Shared Care

Pooled benefits could provide more flexibility and cost savings by allowing you to join two or more people under the same policy.

Waiver of Premium

Some policies let you waive your premium once you make the first benefit payment.

Premium Refund

Premium refund could return some of your premium depending on policy payouts and other conditions.

The first example cost estimate is based on single male rates in the state of Oregon. “Good” is based on $1,500 monthly benefit, 2 years, $36,000 benefit pool, 90 day elimination period and no inflation. “Better” is based on $5,000 monthly benefit, 3 years, $180,000 benefit pool, 90 day elimination period and no inflation. “Best” is based on $10,000 monthly benefit, 5 years, $600,000 benefit pool, 90 day elimination period and no inflation. The second cost example cost estimate is based on single male rates in the state of Oregon. “Good” is based on $3,000 monthly benefit, 2.08 years, $75,000 benefit pool, 90 day elimination period and 2% inflation. “Better” is based on $4,000 monthly benefit, 3 years, $144,000 benefit pool, 90 day elimination period and 2% inflation. “Best” is based on $5,000 monthly benefit, 3 years, $180,000 benefit pool, 90 day elimination period and 2% inflation.

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Cost of Long Term Care Insurance