Long-term care insurance typically costs $2,080 for a couple who takes out the policy at the age of 55, according to data from the American Association for Long-Term Care Insurance. The cost of long-term care insurance depends on several factors. For example, the age and gender of the person taking out the policy and whether they have any pre-existing health conditions. In general, long-term care insurance for men costs less than for women of the same age and health.

Long-Term Care Insurance Fees Increase With Age

The average cost of long-term care insurance increases with age. A person who is in their 50s can expect to see the cost of long-term care insurance increase by 2% to 4% each year. A senior who waits until they’re in their 60s to take out long-term care insurance may expect that every year they wait to take out the policy their fees increase by 6%.

Read The Terms and Conditions of Each Provider Carefully

Some long-term care insurance providers set limits on the age of customers they accept. Others have waiting periods before coverage begins. If a senior has been diagnosed with a condition that means their health or mobility is deteriorating, this means they may not qualify for long-term care insurance from some providers and those that will work with them may limit the benefits they receive each year.

Long-term care insurance can cover the cost of care services that aren’t covered by Medicare and can give seniors the peace of mind that they’ll have the option of staying in the care facility they prefer, without having to deplete their savings rapidly. There are many organizations that offer advice about long-term care planning and saving for the expenses of later life. Local Area Agencies on Aging can connect seniors with the support services in their area.

Learn More About The Best Long-Term Care Insurance Companies