You shouldn't assume that you can’t afford long-term care insurance. Depending on your specific needs, you may be able to get a long-term care policy for less than you think.

What determines your premiums

Insurance companies determine long-term care premiums based on several factors:

  • Age: The younger you are, the lower your premium will be.
  • Your health: Your health at the time the policy is issued will affect your premium. Your premium will be higher if you have health problems.
  • Elimination period: The longer you can pay your expenses before the company begins paying benefits, the lower your premium.
  • Benefit amount and duration: Rates are higher for policies with higher benefit amounts and longer payment durations.
  • Other factors: Long-term care costs may vary greatly from one area to another. Where you live will affect the cost of your coverage. Optional benefits you decide to add to your policy also will increase your premiums.

Sample premium rates

Compare long-term care policies and their rates.