Long Term Care Planning

Long Term Care Insurance Quote – What’s Important

Long Term Care Insurance Quote – What’s Important

In this article

— Last Updated May 27, 2022

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4 mins
Reviewed by
Eric Berkman

Guide Long Term Care Insurance Quote – What’s Important

— Last Updated May 27, 2022

Stephanie Wilson

Director of Operations


Reviewed by

Eric Berkman

Long term care insurance quote

If you’re looking for a long term care insurance quote, then it’s important to know what will be involved so you can get an accurate quote.   In this article we’ll review the key things that are used to get you an accurate long term care insurance quote.

What’s included in a long term care insurance quote?

The following are the inputs that will be used to help get you your quote.  And we’ve also put together a long term care guide with all the in’s and out’s of long term care planning and long term care insurance.

  1. Age – This is important to know since all insurance products, and in this case, long term care insurance, is based on risk profile. And typically speaking, the younger you are the lower your risk profile for needing long term care services, and the older you are, the higher your risk profile. So, you’ll need to provide your age.
  1. Location – Costs for long term care services vary by location, including city and state. For more information on that and to see the cost of care in your location, check out our calculator, or read more about it here.
  1. Health Status – Since long term care insurance is used to pay for long term care services, which are items related to your ability (or lack thereof) to take care of your own activities of daily living, your health status is important consideration when getting a long term care insurance quote. If you’re in poor health, then the quote will likely be higher than if you’re in excellent health. 
  1. Benefit Amount – How much will money will you need or want to have to pay the costs of long term care when you need it. Understanding the type of care – home care, nursing care, or assisted living care, and the location you plan to receive the care can help determine this.   We can help with that.
  2. Coverage Years – This refers to how long you will want to have long term care benefits from a long term care insurance policy. Options typically include 3,5,10, or lifetime coverage.   Your preferences, family history, and overall comfort level can be used to determine this.
  3. Waiting Period – This is a fancy insurance term that’s meant to indicate how long are you willing to wait before your long term care insurance starts paying for your long term care needs when you have an insurance claim approved by the insurer. Typical waiting periods are 30, 60, or 90 days. But it’s important to know that during the waiting period you will need to pay for your long term care needs from your savings.  
  4. Inflation protection – Refers to a rider that you may be able to get out on the long term care insurance policy, offering the ability to have the policy’s costs somewhat protected from inflation. If included, you’ll pay a little more for the policy, but it could save you more money in the long run if inflation gets very high. 
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What will be included in a long term care insurance quote?

Simply put, the things that will be included in a long term care insurance quote will be the benefits amount, coverage term, any riders like inflation protection, and of course the actual cost for the policy.

The benefits amount will usually be in the form of what’s called a daily benefit amount.   So for example, your benefit amount might be $150 a day, which is the actual amount the long term care insurance policy will pay the service provider if your long term care claim is approved.  Coverage term will be in the form of years, and inflation protection will lay out what type you have selected. Finally, the cost will be provided in your quote so you’ll know how much it’ll cost you.

Can I get an online long term care insurance quote?

The answer to that question is yes and no.  Yes, in that we’re able to give you an online quote and we’re the only company that’s able to do that.  But, in order to get an application started for long term care insurance, you’ll still need to speak with one of our agents.  And during that process we’ll ask you some more detailed questions that may change the quote that we gave you online.  But, the online version should get you in the ballpark so you can at least be more prepared for the costs.

So, how can you get a long term care insurance quote?

Well, there are a few ways.  You can shop around on your own and go to insurance carriers directly, or you can work with an insurance broker who can do all of that for you.  One of the reasons why we’re a broke is we don’t want to work for one insurance company.  We want to represent people and what’s in their best interest.  So, get in touch if you want to review any of what’s been discussed, or if you’re ready for your long term care insurance quote.

And if you’re not ready, then check out our long term care insurance guide to learn more.

Stephanie Wilson


June 6, 2022

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