Long Term Care Insurance Premium Sample
Premiums may vary by state and company.
Everyone wants to know how much long term care insurance is going to cost them. It's not cheap, but still pennies on the dollar compared to the high cost of care.
Below is sample of premiums from three of the top companies. Not all policies, benefits, requirements, and restrictions are exactly the same and prices may change by the time you apply.
If you're not certain you can qualify our certified advisors will be able to pre-qualify you and help you decide if this insurance is appropriate. Give us a call toll free call at 1-888-582-2464.
SAMPLE PLAN:
Annual Premium
Single Rate
Day/Month Benefit Pay Out: $150 a day or $4500 a month
Benefit Period: 1095 day (3-year)
Elimination/Waiting Period: 0-Day EP Home Care, 90-Day EP Facility Only
Health Rate: Standard
Inflation Protection: type indicated
No discounts.
These are average rates. Policies may have differences not stated here.
| Age | 40 - C | 45 - C | 50 - C | 55 - C | 60 - C | 65 - C | 70 - E | 75 - E |
| Company | ||||||||
|
Genworth
|
1882
|
1936
|
1985
|
2167
|
2705
|
3845
|
5508
|
8946
|
|
Hancock
|
1898
|
1984
|
2070
|
2502
|
3088
|
3968
|
5071
|
8384
|
|
MetLife
|
1801
|
1966
|
2123
|
2293
|
2856
|
3850
|
5144
|
8674
|
Age - C = Compound Inflation Protection
Age - E = Equal (Simple) Inflation Protection
Age - X = No Inflation Protection
(with inflation protection the $150 increases in 7 years to $200 per day)
Other factors:
MetLife has 100-day Facility EP.
Couple discount depends on state of residence, company, and if both are approved.
For couples Survivorship Benefit add x1.09 to Hancock and MetLife, included in Genworth rate.
Health rates available: MetLife, Genworth: Standard or Preferred. John Hancock: Class 1, 2, Standard, Preferred. Preferred health discount depends on state of residence, company.
Payment modes may have finance charge: annual-none, semi-annual .51, quarterly .26, monthly .09
You can see it's cheaper to buy when younger. The risk of waiting is not only the higher premiums when you're older, you may not health qualify. Cost of Waiting To Buy Long Term Care Insurance
It's very likely you'll need some long term care. Would you rather spend $250 a month or $250 a day? Even if you had only one year of care you'd come out ahead with insurance.
Cost of Insurance:
$250/month = $3000/year x 20 years = $60,000 (if paid for 20 years before needing care)
Cost of Care:
$250/day x 365 = $91,250/year x 3 years = $273,750 (average care 3 years or 1095 days)
We now provide telephone support for comprehensive quotes. If you want a detailed quote for your specific age, showing plan options including couple discount, survivorship, etc., use our quick quote form and a detailed quote will be emailed to you and an advisor will explain the comprehensive quote and your options. This will provide you with enough information to determine if this insurance is both affordable and appropriate.
