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Long-Term Care Insurance – Premium Range Estimator Will Show You Monthly Premiums for LTC Insurance

Long-term care insurance has a notoriously high premium, which some people may not be able to afford. This is often because people put off looking into insurance until they are too old to get reasonable rates.

The younger you are when you purchase LTC insurance, the lower your premiums will be during the life of the policy. For each year you wait to purchase your insurance, your insurance costs will increase by 8-15%. But this percentage does not include the overall upward trend in premium rates across the industry. When you include that upward trend in premium rates, they’re paying an extra 14% to 22% for every year they wait to buy coverage. This means that if a 55-year-old buys insurance today, they pay about twice as much as they did five years ago.

“Wait until a certain age” to consider coverage can be a costly mistake. Some people who follow the advice to wait until the “perfect” age will develop health conditions that will prevent them from getting insurance and/or will reach an age where they cannot afford premiums.

Most people are surprised to find that the total accumulated You will pay lower premiums to your insurance company over your lifetime if you buy your insurance now than if you wait to buy it later in life. For example, if a person at age 50 buys insurance today and pays premiums until life expectancy, they will pay less total cumulative premiums to the insurance company than at age 60 who buys insurance today and pays premiums until life expectancy. Plus, people over 50 are more likely to qualify for coverage and receive priority rates based on better health.

Some people ask, “What percentage of my household income should I allocate to LTC premiums?” This will vary, depending on your situation. A guideline from the New York State Partnership recommends that you allocate no more than 7% of your annual income to LTC premiums.

Are certain age groups better off choosing LTC insurance as their LTC plan option than others? Yes, mostly due to insurance priorities and revenue. The fact that young people tend to have a higher insurance priority than LTC coverage makes it less likely that young people will be able to afford LTC coverage, even if the premiums are quite low.

The following is general information based on our experience with age and suitability of LTC coverage.

Under 45 years old: People under the age of 45 rarely buy LTC insurance because they are in a higher priority risk category that has other, higher-priority insurance that must be covered. If they have properly prioritized their insurance needs, LTC insurance may be the one type of coverage they simply cannot afford at this stage of their life. Another reason people in this age group rarely buy insurance is that they are unaware of the risks. Few people in this age group have direct experience with long-term care, so they don’t know the need to plan ahead for their own care.

Between 45 and 65 years: This is the fastest growing age group for planning ahead for LTC insurance. People between the ages of 45 and 65 typically meet the three most important criteria for purchasing LTC insurance:

1. All their other insurance risks have been prioritized and fully covered.

2. They are young, healthy and eligible for insurance.

3. Affordable LTC insurance premium.

Premiums for 45-year-olds range from a low of $102 a month to a high of $184 a month.

Premiums for a 65-year-old range from $180 a month to $355 a month.

People in this age group are also more aware of the need to plan ahead, as they have the highest percentage of parents or other relatives requiring long-term care. People who have experienced long-term care events in their circle of family and friends are very motivated to create a long-term care plan for themselves and their family.

Between the ages of 65 and 75: People in this age group should seriously consider whether LTC insurance is suitable as soon as possible. The main hurdle these people face is qualifying for insurance — people who wait until later in life to consider insurance run the risk of becoming uninsurable due to health conditions. The second major hurdle faced by people in this age group is premium affordability. Premiums for these seniors increase significantly with each birthday. Coverage can be unaffordable for someone looking into coverage for this age group.

Premiums range from $247 a month to $505 a month for a 70-year-old

Most people in the 65 to 75 age group are in one of two situations:

1. They have researched LTC insurance and purchased it, or have decided to plan ahead for other options.

2. They are suddenly very motivated to investigate or re-investigate the story for a specific reason. For example, they or someone they love or are close to has a medical condition that makes them more aware of the need for long-term care. Hopefully the person who is going through a health condition is not the same person looking for insurance.

We receive inquiries every day from people in this situation. Many times, people who inquire about coverage researched LTC insurance years ago, but did not purchase the coverage. Now, as their health declines, they are motivated to buy insurance, but are unable to get it.

Over 75 years old: Most LTC insurance claims are filed between the ages of 79 and 85. Therefore, insurers are in no rush to offer coverage to people who wait until they are 75 or older to apply for LTC coverage. One in three people between the ages of 75 and 80 will not be eligible for insurance because of an existing health condition. After age 80, there is a greater than 50% chance that a person will not be eligible for insurance. If they were eligible, the premiums would likely be much higher than they were willing or able to pay. If you’re in this age group and want to consider LTC insurance, consult your financial advisor and LTC planning and insurance specialists to analyze and offer some coinsurance options for more affordable premiums.

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