AALTCI: Age Has Big Effect On LTC Insurance Rates 

Buyers ages 50 to 54 have been paying as little as $694 and as much as $9,650 per year, with a mean annual cost of $2,236, according to the American Association for Long Term Care Insurance, Westlake Village, Calif.

The range in annual costs for buyers ages 55 to 59 runs from $794 to $8,824.

Most buyers are in their 50s and early 60s, notes Jesse Slome, executive director of the AALTCI. “If you wait until age 65, you’ll pay quite a bit more for this coverage and may not be able to health qualify,” he says.

LTC insurance costs for insureds ages 65 to 69 run from $1,434 to $7,466 a year, with a mean cost of $3,815.

The highest costs, paid by insureds who are ages 75 and older when they apply for coverage, range from $6,733 to $13,039 per year.

 “Buying when you are younger makes the protection significantly more affordable,” Slome says. “After you turn 50, costs for identical coverage can increase by between 5% and 8% for each year you delay.”

• • 3/1/2010 4:39:43 PM
  • Jesse Slome
  • Long Term Care Insurance Rates
  • Glad you shared. Far too much attention is focused on the 'average' cost which misleads consumers into the notion that long-term care insurance is expensive. For the market to grow, that myth must be dispelled and the best way to do that is by showing the range in what is actually paid by individuals who purchase. Jesse Slome Executive Director American Association for Long-Term Care Insurance <a href> http://www.aaltci.org </a>

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