With more than 70% Americans of 65 or older will need some form of long-term care and health care costs keep rising each year, it is important to have long-term care insurance to protect your retirement savings.
Long-term care insurance continues to get more expensive. You have probably heard of several insurance companies increasing premiums each year, deciding to exit the market, or selling itself to other companies to avoid declaring bankrupt.
To have an idea how much long-term care insurance costs, we got several quotes from 2 reputable long-term care insurance companies: National Guardian for its traditional long-term care policies and Securian for its great hybrid life and long-term care insurance for several profiles.
This is because long-term care insurance costs vary by age, gender, long-term care benefits and durations, policy types: traditional or hybrid, health condition, etc. The quotes are organized as follows to make it easier for you to have an idea how much a long-term care insurance quote would cost you approximately:
- Age/gender: We have quotes for men and women of 50, 55, 60, and 65 years old
- Benefit durations: 3 years or 4 years. On average, people will stay in long-term care for 3.1 years
- Long-term care benefit: $6,000/ month, ie. $216,000 for 3 years or $288,000 for 4 years
- For each scenario, we got 3 quotes: one traditional long-term care quote from National Guardian; one traditional long-term care with premium benefit from National Guardian; and one hybrid policy with premium return benefit from Securian
| Age | Sex | Daily benefit | LTC benefits duration (years) | Total LTC benefits | Traditional LTC (National Guardian) | Traditional LTC with return of premiums benefit (National Guardian) | Hybrid LTC with return of premiums benefit (Securian) |
| 50 | M | $200 | 3 | $216,000 | $1,937 | $4,610 | $12,895 |
| 50 | F | $200 | 3 | $216,000 | $2,969 | $6,768 | $11,568 |
| 55 | M | $200 | 3 | $216,000 | $2,212 | $5,840 | $14,912 |
| 55 | F | $200 | 3 | $216,000 | $3,350 | $8,317 | $13,290 |
| 60 | M | $200 | 3 | $216,000 | $2,528 | $7,433 | $17,124 |
| 60 | F | $200 | 3 | $216,000 | $3,885 | $10,218 | $15,029 |
| 65 | M | $200 | 3 | $216,000 | $3,434 | $13,531 | $19,399 |
| 65 | F | $200 | 3 | $216,000 | $5,222 | $14,672 | $17,015 |
| 50 | M | $200 | 4 | $288,000 | $2,227 | $5,301 | $9,464 |
| 50 | F | $200 | 4 | $288,000 | $3,414 | $7,784 | $9,088 |
| 55 | M | $200 | 4 | $288,000 | $2,544 | $6,716 | $10,978 |
| 55 | F | $200 | 4 | $288,000 | $3,904 | $9,565 | $10,607 |
| 60 | M | $200 | 4 | $288,000 | $2,908 | $8,548 | $12,463 |
| 60 | F | $200 | 4 | $288,000 | $4,468 | $11,751 | $12,068 |
| 65 | M | $200 | 4 | $288,000 | $3,949 | $15,561 | $14,328 |
| 65 | F | $200 | 4 | $288,000 | $6,005 | $16,873 | $13,810 |
How Much does A Traditional Long-Term Care Insurance Policy Cost?
Providing $6,000 long-term care benefits for 3 years or a total of $216,000 benefits:
- For men of 50 to 65 years old, a traditional long-term care insurance policy from National Guardian costs from $1,937 to $3,434 a year, pay for 10 years. When adding premium return benefit to these policies, the annual premium increases to $4,610 – $13,531
- For women of 50 to 65 years old, a traditional long-term care insurance policy from National Guardian costs from $2,969 to $5,222 a year, pay for 10 years. When adding premium return benefit to these policies, the annual premium increases to $6,768 – $14,672
How Much does a Hybrid Long-Term Care Insurance Policy Cost?
Hybrid long-term care insurance in general is more expensive than traditional long-term care insurance thanks to its unique benefit: if after paying premiums and you don’t need long-term care, you can either get full premium reimbursement or convert it to a permanent life insurance policy and your family will receive a tax-free death benefit.
A Securian hybrid policy providing $6,000 long-term care benefits for 3 years or a total of $216,000 benefits:
A man of 50 years old has to pay $12,895 in annual premiums for 10 years; A 65-year-old man has to pay $19,399. On the other hand, a woman of 50 will pay $11,568 and a woman of 65 will pay $17,015
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