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The cost of Long Term Care Insurance can vary dramatically depending on the type of policy you purchase, what benefits you choose and the age you purchase a policy. Of course the younger you are at the time you purchase, the lower the premiums will be (see example below).
Today, most LTC insurance policies are comprehensive policies, meaning they include Home Health Care coverage, Nursing Home Care coverage, Assisted Living coverage, etc. You also have to take into consideration how long you want insurance coverage for, how much per day, inflation coverage and waiting period. You also have to take into consideration your marital status and health conditions, if any. Many carriers offer a significant discount for being married, or living with a partner even if you are not married, and a Preferred Health discount for good health.
According to America's Health Insurance Plan, the national average cost for a policy on a 50 year old with a $150 per day, 4 year-long benefit period, and a 90 day waiting period is $564 per year in 2002. The same policy benefits for a 65 year old was about $1,337 per year, and $5,330 for a 79 year old per year. The same policy benefits, with inflation coverage included, showed an average costs for a 50 year old of $1,134, $2,346 for a 65 year old, and $7,572 for a 79 year old. These premiums are national averages and can vary widely by state (1.).
Premiums typically stay the same each year unless the company has a rate increase for the entire class of policyholders at the same time, and this generally does not happen with A rated carriers.
What would your premiums be with your current age, in your state? - Get a quote to find out!
1. America's Health Insurance Plans, Guide to Long-Term Care Insurance