How Much Does Long Term Care Insurance Costs?

Long term care insurance is very intimidating which often makes people like myself assume that it will cost a fortune just to afford this type of insurance. How much does it really cost?

The price actually depends on your needs. You are free to structure your premiums and if you want to find cheap long term care quote then you need to consider some factors first like your age, state of your health, location, riders, elimination period and as well as the amount of your benefit and the duration.

Let’s go over the age first. Obviously, the younger you apply for this policy the lower your premiums will be. You’re not much of a problem for insurance companies because you’re still young, in perfect health and your chances of receiving long term care services is very slim unless of course you have a pre-existing condition.

Having a serious medical condition at the time you’re applying for insurance can affect your premiums. As stating the obvious, if you have a major health condition then you’ll definitely have higher premiums compared to a person who is in perfect shape.

Another factor that most people aren’t really aware is that your location can also affect your rates. The cost of long term care in Florida is not the same as when you’re living in New York. As for the latter state, it offers higher premiums compared to when you’re living in Florida. It’s not only the cost that is affected but as well as the benefits you’re going to receive later on.

It’s kind of annoying to pay for something for a very long time because you want to just get over it and live a debt-free live. But do you know that the longer you pay the insurance benefits before they start to provide you with benefits can actually save you a lot? Now you know and I hope you’ll consider that.

If you opt for high benefits and pay this in a long duration of time, then you have to expect for a much higher premium. It’s pretty obvious because you’ve signed up for a huge benefit amount and in return you’ll pay the company in a much longer duration of payments.

There are also other things you can add on to your policy like riders. When you shop for quotes you’ll notice that there are other features and benefits included. But before you say yes to all of that you need to understand that you don’t need everything that these companies are offering. You can add an inflation protection rider if you want but make sure you’ll chose the one that can greatly benefit you in the future and can cover all your long term care needs.

These things don’t matter for some but they are very important. These things can give you an idea how much you’ll spend for your long term care. So even if CLASS Act did not push through you still have an alternative, shopping for quotes and applying for long term care insurance early.


Shopping for Long Term Care Quote: Is it that Important?

Have you ever noticed that people only make significant changes in their lives once they’ve experienced something they don’t want to relive in the future? No? Yes? Well, my answer for that is a resounding of course! It only dawned to me when I found out that my grandmother is not doing well. She’s starting to show signs of Alzheimer’s and with the looks of it she’ll extinguish her funds soon enough for receiving long term care.

Just to give you a brief background, Alzheimer’s is a condition that affects not only memory but as well as your behaviour. Are you aware that you can put the blame on family history for this, if a close relative of yours say like your parents or siblings have Alzheimer’s? How I wish it would be easy to nudge this away from my family.

I’m not freaking out, my mom is not even freaking out but I’m just a little bit concerned. I don’t want to be in my grandmother’s place without taking all the necessary steps to secure my future and losing all my hard-earned money just because I failed to plan ahead of time despite having all the options and resources to do it.

As early as now I’m looking for long term care quote. I’m not just considering one insurance company. It’s just the same as shopping. I don’t buy the first dress I see on the rack and feel good about it. Life is full of choices and I’ll definitely exploit my freedom to explore my options until I find the right one for me.

It’s hard to earn money these days and as much as possible I want to invest in a policy that can give me more than what I’ve paid for. I have a good feeling that by shopping for quotes I will be able to find a long term care insurance that will perfectly suit me in the future.

So aside from money I’m also concerned with the benefits. Is it enough to cover my long term care expenses? Will I be able to afford staying in a facility or hire a caregiver? These are some of the questions that are running in my mind right now which can only be answered if I compare quotes from several carriers.

It’s also one effective way to avoid fake companies or those who are licensed to sell this type of insurance. Again, I don’t want to put my money to waste and brave the future with no insurance so it would be really wise to compare quotes and see how reliable these companies are before I make a decision.

I’m also asking around, friends and acquaintances that have this type of policy aside from shopping for long term care quote.


I’m pretty sure I can save a lot of money and I will be taken good care of in the future by shopping for ltc quote as early as now. This is just the first step and there’s still a lot of things to take care of.