How much is long term care insurance? Is it worth it to buy long term care insurance?

Long term care monthly insurance premiums can vary greatly from person to person and price differences mostly depend on demographics:

  • Age
  • Gender
  • Marital status
  • Tobacco use
  • Health status

Insurance companies offering the LTC policies determine the monthly premium costs for each person by evaluating their demographics and risk profile during the application and underwriting process. Age is the most important factor when determining the cost of a LTC policy.

Although the costs for long term care insurance can vary greatly by person, a general average is about $2,000 per year. Is the cost of LTC insurance worth it? The answer depends on personal preferences and circumstances. Medicare health plans do not cover all senior long term care needs. As people live longer, the likelihood of requiring long term care increases. In addition, the costs of long term care have been steadily rising. Purchasing a standalone LTC policy or a combination LTC & Life Insurance policy may be a prudent decision.

Last updated: January 12, 2023

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LTC Insurance helps protect seniors who become no longer able to perform activities of daily living (ADL), such as eating, bathing, and getting dressed.

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