How much does it cost…
Pricing is based on several moving parts. The best we can do here is a range. We have seen prices range from a low of $500/yr per person to a high of $6000/yr per person… and everything in between.
Factors that can shift price:
- Your age: average purchase age in the US is in early 50s. Younger is cheaper, older is more expensive. Very few carriers will cover persons 80 and up.
- The type of product you want. (READ HERE for info from our blogs on these products.) There are two broad categories.
- Traditional policies work like care insurance or home-owners. They pay for care when you need it, but if you die with never making a claim there is typically no value to heirs/beneficiaries.
- Linked-benefit products combine life or annuities with long term care benefits. These products are typically more expensive as you are asking the product to do 2 things: pay for care and pay out an amount to heirs/beneficiary if you die with no claim or a very small claim.
- The size of benefits you want:
- How much do you want the policy to pay per day for care? READ HERE for information about the cost of care where you plan to retire. Be sure to use the future-cost tool to see estimated cost as you age.
- How long do you want it to pay that much money? Typically this is in terms of years (i.e. 2 yrs, or 5 yrs – very few companies have “unlimited” options anymore.). The average window of care is less for men than for women and it is rising for both as medical technology improves. READ HERE for more information about average time in long term care in the US today.
- Quality of your health: you have to health qualify for these products. To know if you qualify and what product you might qualify for, we have to ask nosy health. This cannot be done effectively via email. Years of experience have taught us that we simply have to have a give-and-take conversation with you to be accurate on this variable.
- Discounts: there are discounts for having spouse/partner and extra discounts if both spouse/partners apply and get coverage at the same time. Further, there may be additional discounts thru associations or worksites. Not all carriers offer discounts, so this can vary widely as you shift among types of products and different carriers. A thorough conversation will help narrow down what discounts are available to you with which carriers.
As you can see, you are best served if you shop this product with someone who specializes in this area. If you already have an agent, ask them how many policies they place each year – folks who do very little of this type of insurance (less than 12 per year) are less likely to be up to date on the changing landscape of policies on offer today and less likely to be accurate on the health category and price. So working with an experienced agent will get you the most accurate information.
If you are interested in shopping this product further or have questions about your existing policy, please fill in the form below and we will have a seasoned agent contact you. We service all 50 states in the USA.