Rates and Need for Private LTC (Long Term Care) Insurance
How Much Does LTCI Cost?
While we could throw out a number and say the average senior might pay $100 a month for LTCI, that
number would hardly be accurate. As with other health insurance, the type of policy, zip code, age and health
of applicant, and many other unique factors will determine the long term care insurance cost for any indidual.
LTC insurance Discounts are also available for good health, spouses, etc. Some tax qualified policies also have
a lower real cost because the premiums can be deducted.
Who Needs Long Term Care Insurance?
Experts predict that half of us will spend some time in nursing homes as we age. Nursing homes can cost $4,000
a month or more, and long term care is not covered by Medicare. If seniors must rely upon Medicaid, it usually
means they have to use up all of the assets they took a lifetime to build before federal help kicks in.
