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Cost For New Long-Term Care Insurance Policies Remain Stable Reports AALTCI
From:
American Association for Long-Term Care Insurance American Association for Long-Term Care Insurance
Los Angeles, CA
Thursday, January 6, 2022


Long term care insurance Association
 

Costs for new long-term care insurance policy coverage remains stable according to the American Association for Long-Term Care Insurance (AALTCI). 

"In years past insurers often filed new rates for long-term care insurance," explains Jesse Slome, AALTCI's director.   "New rates were typically five to 10 percent higher, sometimes more." 

According to the Association's annual Long-Term Care Insurance Price Index a 55-year-old male could pay $950 annually for a policy providing $165,000 of benefits.  A 55-year-old woman could expect to pay $1,500.  Both amounts are identical to the findings of the prior year's price index. 

"Prices for traditional long-term care insurance likely remain stable for a number of reasons," cites Slome.  "First, insurers have a good sense of the most important factors that go into pricing this insurance.  In addition, investment returns have remained relatively stable."  Insurers depend on investing premiums to accumulate funds to pay future anticipated claims. 

The 2022 Long-Term Care Insurance Price Index reported that a couple both age 65 could expect to pay $3,750 combined.  The two policies could provide each with $165,000 of future benefits.  Adding an option that increased future benefits by three percent annually would cost the couple almost twice as much ($7,150 combined). 

"Having some price stability is good," Slome notes.  "However, consumers should not use that as a reason to delay investigating long-term care insurance costs.  What you'll pay goes up each year you wait and one change in your health can prevent you from health-qualifying for coverage entirely." 

Data on long-term care insurance costs can be accessed on the Association's website.  In addition, the Price Index compares costs for traditional long-term care insurance as compared to linked benefit options. To access, go to www.aaltci.org/LTCFacts-2022. 

The American Association for Long-Term Care Insurance advocates for the importance of long-term care planning.   The organization connects consumers with knowledgeable professionals who are independent advisors.  These specialists can provide information along with long-term care insurance quotes and policy comparisons for both traditional and linked benefit long-term care insurance options.

Jesse Slome is director of the American Association for Long-Term Care Insurance.  He also directs the American Association for Critical Illness Insurance and the American Association for Medicare Supplement Insurance.  To find local Medicare insurance brokers utilize the organization's free online directory.

News Media Interview Contact
Name: Jesse Slome
Title: Executive Director
Group: American Association for Long-Term Care Insurance
Dateline: Westlake Village, CA United States
Direct Phone: 818-597-3227
Main Phone: 818-597-3227
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