Long Term Care Insurance Cost in 2022

— Last Updated May 27, 2022

Long Term Care Insurance Cost in 2022

In this article

— Last Updated May 27, 2022

Read Time
3 mins
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Reviewed by
Eric Berkman
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Long Term Care Insurance Cost in 2022

Stephanie Wilson

Director of Operations

Read Time

3 mins
Group-27.png

Reviewed by

Eric Berkman

In this article

What does long term care insurance cost in 2022?

I get it. The question is  extremely relevant.  What does long term care insurance cost?  And specifically what does long term care insurance cost in 2022, especially with all the economic upheaval going on across the country.  Well like most things, the answer is it depends.  In this post, I’ll break down the things that factor into what long term care insurance may cost you.  But, first it’s important to know that similar to other types of insurance, the cost for long term care insurance has many factors that come into play when it comes to determining just how much it will cost you.   But, if you want a good high level estimate, and don’t have time to keep reading, well, an average policy could cost you as little as $100 a month, and could range up to $3000 a month, but of course there’s so much that goes into it, so I’d encourage you to keep reading.  And if you still don’t want to and instead you want to skip the line, then check out our long term care cost calculator to get your estimate.

Alright then…. For those who are still reading, here are the key things that determine how much long term care will cost you.

Long term care cost considerations

Age – Typically speaking, the younger you are, the less costly long term care insurance will be.

Gender – There are different premium rates for different genders.  Since women typically live longer than men, according to Kiplinger, they will typically pay higher premium.   And we see that with our own carriers, too.

Location – This is a big consideration, and because the costs of long term care vary so much by where you get long term care services, and what type of long term care services you get, the location you plan to live in when you need long term care help is a big factor. And similar to typical cost of living situations, some of the more expensive states and cities will have higher costs of long term care. And therefore, your long term care insurance premium will be higher, accordingly. And vice verse.   We built a long term care needs estimator and it will show you what the cost of care will be by your state, so feel free to check it out.  And to read more about costs by location, we laid that out as well.

Health Status – Typically if you’re in good health when you buy long term care insurance your costs will be lower than if you’re not in as good health because your risk profile of needing long term care is lower.

Daily Benefit Amount – This refers to how much money in benefits do you plan to or will you need each day you will need long term care.   This is hard to estimate, but we typically recommend you understand the cost of long term care by your location to help decide this.

Years of Coverage – Refers to how long you think you’ll want to have coverage for.  Typically people are needing long term care help for 2.7 years, but that’s the average amount.   For many, once you need long term care help you may never recover, and could need it for well beyond 2.7 years.  Calculate how much you plan to have in savings for long term care, and then see how much more you’ll need, to help factor in the years of coverage.

Inflation Protection – This is an option that allows for the increasing of the daily benefit each year to keep up with increases in long term term care costs.  So as an example, if you have simple inflation protection of 5%, then an initial daily benefit amount of $100 will increase by $5 each year. It’s a good option especially since the prices for long term care continue to rise.

Waiting Period – This refers to the time between when you begin to receive long term care and when you’ll begin to receive benefits from your long term care policy. As an example, if you choose a 60 day waiting period, then policy will not pay benefits for the first 60 days of long term care that you receive.  Typically speaking, the longer the waiting period, the less expensive the policy.  So, if you plan to have some savings to cover the costs of care for a while, then this should factor into the waiting period you choose for a policy.

So, what does Long Term Care Insurance Cost in 2022?

Well, like I said, it depends.  But, hopefully we walked through the main considerations when it comes to a long term care policy.  We have a pretty in depth needs and intake process that we can walk you through if you want to get a personalized quote or just want to get some questions answered.  Feel free to email me directly at eric@policysolver.com   

Until next time.

May 24, 2022

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