The cost of any long term care plan will vary and will be based on your age at time of purchase, the coverage you want and the type of asset protection you have selected. The premiums increase as a person ages. An example would be that a person age 50 purchasing a policy might pay $1300.00 per year. The same plan purchased at age 65 would cost about $2600.00 per year. So, if it is financially feasible, buying long term care insurance is best if purchased earlier in life. Long term care insurance premiums need to be affordable before you even consider purchasing a policy.
Some insurance providers offer special premium rates to people who want to save money on their monthly premiums. Eligible individuals can get discounts and preferential rates under certain circumstances. Some companies give discounts if both the husband and wife purchase a long term care plan with them. They also give discounts for being in good health, being married, and if someone else in your household (not your spouse) purchases a plan. Other ways that companies help you save money are if you are a member of a qualifying association group, if you purchase your policy through your workplace or if you purchase it in addition to your Medicare supplemental plan. Checking with your insurance provider is the best way to determine if you qualify for any special rates or discounts.
Your insurance company is always willing to work with you to get the best coverage you can afford. The cost of your premium will be the most important deciding factor when it's time to purchase a long term care policy. It may be that you absolutely do not have the extra funds available now and it would put a financial hardship on you to pay any amount. In that case, then long term insurance is not for you (at least at this time.) You may find yourself in a better position to make monthly premium payments at some later date. If so, then be prepared to pay more for the insurance you want but at least you won't be struggling to pay your other financial obligations. Long term care insurance premiums can be managed successfully if you plan wisely.
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