07 Feb Costs of Some New Long-Term Care Insurance Policies Rise
A couple who are both age 60 and who purchase new long-term care insurance coverage can expect to pay between 6 and 9 percent more compared to a year ago according to the 2017 Long Term Care Insurance Price Index, an annual report from the American Association for Long-Term Care Insurance, an industry group. But rates for single men and women remained fairly level or, in some instances, actually declined compared to 2016, reports the association.
A married couple both age 60 would pay $2,200 a year combined for a total of $328,000 of long-term care insurance coverage. This represents a 9 percent increase from 2016, when the association reported that a couple could expect to pay $2,010. Adding an inflation growth option that builds the couple’s benefit pool to a combined $660,000 at age 85 would cost an average of $3,790 a year, 6 percent higher than last year.