What does Long Term Care insurance cost, are the rates guaranteed, and at what age is it best to purchase a policy?

Asked by Victor

2 Answers

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Answered by Amber Lidskin, Insurance Agent in Gold River, CA
Good evening Victor: I'll be happy to answer some questions about Long Term Care.

The rates are dependent upon your age, sex, and current health. The younger and healthier you are, the lower the rates. If you have some health conditions that are minor, you may pay more. If you have a serious chronic condition, it may not be possible to get the policy.

I would consider getting a policy somewhere in your mid-fifties, at the latest. The older you are, the higher the risk is for the insurer, and thus the more cost prohibitive it is to the consumer. If there is a married couple, some carriers will offer a family discount for two.

You might want to look at getting quotes for it to get more exact numbers. I would do you a disservice by trying to give you numbers here without enough details on you and your health situation....

Also, there are a few other ways that a person can get long term care that is not a traditional monthly premium for dollars per day benefit. There are Universal Life policies that have long term care features, as well as annuity products that have special riders for it. It really depends upon the availability of funding for the product, and if it is in your budget.

Talk to a Long Term Care specialist to get the best recommendations, and if you have a financial adviser, I would coordinate the two to make sure that you budget that premium into your retirement plan.

Best of luck!
Amber Lidskin | 09.01.15 @ 02:17
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$commenter.renderDisplayableName() — {comment} | 12.09.16 @ 19:37
Answered by Darius Slade, Health Services & Management in Richland, WA
Hi Victor, Amber gave you with a great response and I can only add that if you are working, see if your employer provides LTC benefits. Good luck and keeping asking! Darius | 02.07.16 @ 00:53
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$commenter.renderDisplayableName() — {comment} | 12.09.16 @ 19:37
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