Long Term Care Insurance
What Is Long Term Care Insurance and How Much Does It Cost?
Long Term Care Insurance is a form of insurance developed specifically to cover the costs of LTC services, most of which are not covered by traditional health insurance or Medicare. Covered services generally include in-home care to assist with daily activities, as well as care delivered in a variety of facility and community settings.
The cost of Long Term Care Insurance is based on how old you are when you apply for your coverage, the specific benefit package you select, and any optional benefits included such as automatic inflation protection. If you are in poor health or already receiving LTC services, you likely will not be able to qualify to purchase coverage or you may only be able to buy a policy at a higher "non-standard" premium rate.
According to sources cited at www.longtermcare.gov, the average annual premium cost for a policy purchased in 2007 by individual buyers, across all ages of buyers and all of the types of policies, was just over $2,207. Excluding 20% of individuals who elected lifetime (unlimited) coverage, this represents a comprehensive policy (covering both facility and in-home care) providing an average of 4.8 years worth of benefits with an average daily benefit amount of $160. Most policies purchased in 2007 also included some form of automatic inflation protection. The chart below shows the average annual premium amounts paid for Long Term Care Insurance in 2007 by issue age group:
With Long Term Care Insurance, you pay premiums in amounts you can budget for, and the policy pays - up to its coverage limits - for the LTC services you need when you need them. Typically, premiums are waived during the time you are receiving benefits.
Back to Top | Back to Long Term Care Home
- Why You Need to Have a Plan for Long Term Care
- Won't the Medicare Program Pay for My Long Term Care Costs?
- Will Public Assistance (Medicaid) Pay for My Long Term Care Costs?
- What Is the Cost of LTC Services Where I Live?
- What Is Long Term Care Insurance and How Much Does It Cost?
- How to Design a Long Term Care Policy to Best Meet Your Needs
- What are "Partnership" Long Term Care Policies?
- Financial Strength Ratings for Top Long Term Care Insurance Companies
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AH Insurance Services, Inc.
3015 N Rocky Point Dr E #319
Tampa, FL 33607
Phone: (727) 743-4532
Fax: (727) 231-0736
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Y0070_NA030737_WCM_WEB_ENG_02 CMS Approved 02/16/2016
WellCare (HMO) is a Medicare Advantage organization with a Medicare contract. Enrollment in WellCare (HMO) depends on contract renewal.
Last Updated: 03/19/2024