FREE Ebook: Next Stop: Nursing Home Get My Copy Now!

Schedule Your Consultation Today!
Call Us 24 Hours a Day / 7 Days a Week

(407) 574-8125
(407) 574-8125
(407) 574-8125

Costs of Some New Long-Term Care Insurance Policies Going Down in 2018

Get The Legal Help You Need

Costs of Some New Long-Term Care Insurance Policies Going Down in 2018

January 23, 2018
Geoff Hoatson

While long-term care insurance costs are up in general, some policies are going down in 2018, according to the 2018 Long Term Care Insurance Price Index, an annual report from the American Association for Long-Term Care Insurance (AALTCI), an industry group.

A married couple who are both 60 years old would pay an average of $3,490 a year combined for a total of $333,000 of long-term care insurance coverage when they reach age 85. This is down from 2017, when the association reported that a couple could expect to pay $3,790 for the same level of coverage. Jesse Slome, the AALTCI’s director, cites two reasons for the change: "There are fewer insurers offering traditional long-term care insurance policies currently and some of the higher priced insurers sell so few policies that we excluded them from this year’s study as they really were not representative of the market conditions.”

Rates for single men and women have gone up in 2018, however. A single 55-year-old man can expect to pay an average of $1,870 a year for $164,000 worth of coverage, up from $1,665 in 2017. The same policy for a single woman averages $2,965 a year, up from $2,600 in 2017. Overall, women still pay more than men.

One thing that remains the same year to year is the importance of shopping around. The survey shows that costs for virtually identical policy coverage vary significantly from one insurer to the next.

This year’s index compares policies sold in Illinois and was conducted in January 2018.

For the association's 2018 index showing average prices for common scenarios, go here: https://www.aaltci.org/news/wp-content/uploads/2018/01/2018-Price-Index-LTC.pdf

Copyright © 2024. Family First Firm - Medicaid & Elder Law Attorneys. All rights reserved.
The information in this blog post (“post”) is provided for general informational purposes only and may not reflect the current law in your jurisdiction. No information in this post should be construed as legal advice from the individual author or the law firm, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting based on any information included in or accessible through this post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country, or other appropriate licensing jurisdiction.
Family First Firm – Medicaid & Elder Law Attorneys
(407) 574-8125
https://familyfirstfirm.com
Share This Blog

Our Locations

Winter Park Office

Family First Firm - Medicaid & Elder Law Attorneys

1030 W Canton Avenue, Suite 102,
Winter Park, FL 32789

(407) 574-8125Get Directions

Altamonte Springs Office

Family First Firm - Medicaid & Elder Law Attorneys
By Appointment Only

715 Douglas Ave Suite# 40,
Altamonte Springs, FL 32714

(407) 315-2251Get Directions

Get free legal advice sent to your inbox

Name(Required)

Download Our Free Guide on How to Save Your Assets

How to Save Your Assets Form