The Cost of LTC Insurance

Long-term care insurance premiums are based on your age at the time you apply for coverage, so the younger you are, the less premium you will pay.

There are other factors that affect premium as well and some of the factors vary by company, so always check with an agent that specializes in long-term care insurance.


Other Factors That Affect LTCi Premiums:

  • Your health at the time you apply
  • The length of your benefit period
  • The policy’s features, benefits and options
  • Discounts you may be eligible for
  • Carrier you choose

It is important to point out that despite long-term care insurance seeming expensive, the alternative (having no long-term care insurance) is much more costly! Considering the cost of long-term care today - a single year of needing care would have paid for many years of long-term care insurance premiums! 

How To Save Money On Long-term Care 

The typical response from those considering long-term care insurance is that it’s “too expensive.” Although long-term care insurance policies usually cost between $1,000 and $3,000 per year, having to pay for care out of pocket is more costly!

There are a few ways you can save on long-term care insurance premiums without sacrificing too much.

1. Buy Young - Because premiums are age based, the younger you are, the less they will be. It’s that simple!

2. Look for Discounts - Many different types of discounts apply to long-term care insurance policies, which can help you save a lot on premiums if you qualify.

  • Spousal or family discounts
  • Preferred discounts
  • Group discounts
  • Employer discounts

3. Consider Co-Insurance - If you choose to co-insure part of the cost of your long-term care, you can significantly reduce your premiums. For example, if you lower your daily benefit by 30% and pay the rest out of pocket, you will be able to reduce your annual premium by that same amount.

4. Pay Premiums Annually - You can save approximately 8% a year by making an annual lump sum payment each year on your policy’s anniversary date. The carrier will send you a reminder each year so you don’t forget!

If you would like to learn more about how to 
save on your LTCi premiums please contact us.

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