The Big 6 Policy Pricing Factors
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Pricing Factor
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How to Benefit
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Age
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Premiums are level at age of entry so it’s advantageous to lock them in at a younger age
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Health
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Good health is rewarded with premium discounts
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Benefit Selection
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There are many parameters to a policy, and each can be customized upwards or downwards to fit your needs
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Product Choice
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You are best served by working with an agent who can select from a wide array of companies and products to obtain the best pricing for you
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Tax Deductibility
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Inquire about a tax-advantaged policy whose premiums may be tax-deductible. For an individual in 2008, this can save you over $1,000
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Premium Mode
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How often you choose to pay each year can raise or lower your premium by 9%
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So what does a policy actually cost?
We've provided you with some sample pricing based upon a single carrier and product. We've selected an average benefit package. Your actual price will vary. Once you apply the six factors above, there are literally thousands of possible pricing outcomes.
However, the following pricing does demonstrate the affordability of long term care insruance in general and the benefits to purchasing while you're still young and healthy!
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Single Applicant - Sample Monthly Premium1
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|
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No Inflation
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5% Compound Inflation
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Daily Benefit
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$100
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$150
|
$200
|
|
$100
|
$150
|
$200
|
|
Age 45
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|
$45
|
$68
|
$91
|
|
$92
|
$139
|
$186
|
|
Age 55
|
|
$52
|
$78
|
$104
|
|
$108
|
$162
|
$216
|
|
Age 65
|
|
$102
|
$152
|
$203
|
|
$181
|
$272
|
$363
|
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Age 75
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|
$294
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$441
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$588
|
|
$447
|
$670
|
$894
|
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Married Applicant - Sample Monthly Premium2
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|
|
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No Inflation
|
|
5% Compound Inflation
|
|
Daily Benefit
|
|
$100
|
$150
|
$200
|
|
$100
|
$150
|
$200
|
|
Age 45
|
|
$28
|
$43
|
$57
|
|
$58
|
$87
|
$116
|
|
Age 55
|
|
$32
|
$49
|
$65
|
|
$67
|
$101
|
$135
|
|
Age 65
|
|
$63
|
$95
|
$127
|
|
$113
|
$170
|
$227
|
|
Age 75
|
|
$184
|
$275
|
$367
|
|
$279
|
$419
|
$559
|
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Sample premiums based upon the following benefit structure. Actual premiums may vary. Single applicant, individual policy, monthly benefits, best rate class, $100 per day, 90-day elimination period (no waiting for home care), 3-year benefit period, no inflation benefit or 5% compound for life.
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Sample premiums based upon the following benefit structure. Actual premiums may vary. Married applicant (both applying), individual policy, monthly benefits, best rate class, $100 per day, 90-day elimination period (no waiting for home care), 3-year benefit period, no inflation benefit or 5% compound for life.