Long Term Care Insurance Made Simple

Competitive, comprehensive, and easy solutions for long term care insurance in Pennsylvania, New Jersey, Delaware and Arizona

What Determines the Cost of Long Term Care Insurance?

In addition to your age and health, the cost for LTCi is based on 3 things.

1. How much of a daily benefit do you want?
2. How long will the policy pay?
3. How soon before the policy begins to pay?

1. How much of a daily benefit do you want?
The daily benefit is based on the average cost of a semi private or private room in your area. This is easily determined by calling several local nursing homes. The average daily cost in the U.S. today is approximately $200 per day.

2. How long will the policy pay?
You have choices from 2 to 8 years or lifetime. The average stay in a nursing home is 2.7 years, but this does not account for the fact that most people will choose to stay at home if possible before entering a nursing home. LTCi covers nursing home, home care, assisted living, adult daycare, and hospice care. The longer the benefit, the higher the cost.

3. How soon before the policy begins to pay?
You can choose to have benefits paid from day 1 to day 365. The longer the waiting period, the lower the cost. You can also choose to have home benefits paid immediately and a longer waiting period to begin nursing home benefits.

There are several options that different companies offer that can be added to personalize your plan.