Long Term Care Insurance Costs

Insurance companies determine long term care insurance costs on several factors.  Three of these factors that determine long term care insurance costs are one’s age, one’s health, and benefit amount/duration.  Long term care insurance costs and rates should be carefully researched before deciding on an insurance provider.

Typically, the younger your age when applying for long term care insurance the lower the long term insurance costs.

Second, one’s health at the time the policy is issued can affect your long term care insurance costs.  Long term care insurance companies may ask to review one’s current medical records.  In reviewing one’s records, long term care insurance companies may require additional follow up with a physical exam.  It is important to be as thorough and truthful as possible when answering all health questions during the applying process.  Not fully disclosing your health on the long term care application, could cancel your policy or a long term care insurance company could refuse to pay a claim.

Third, the benefit amount and duration of time can also affect the long term care insurance costs (example: $50 a day for three years will cost less than paying $75 a day for five years).

Other factors that determine long term care insurance costs would be adding optional benefits; and the state and location one lives in.  All could affect the long term care insurance costs.