A recent study concluded the long term care insurance price index rose 2% in 2009. There are some very notable numbers to look at here, ones that indicate, as we have blogged here many times in the past, how the cost of insurance for long term care increases with age.

Before we comment on the article, EmaxHealth.com provided a general breakdown of consumer policy premiums in 2009 compared to 2008 as seen here:

Average price for a comprehensive long term care insurance policy (100% home care benefit plus skilled care coverage), 90-Day Elimination Period with Compound Inflation Protection Option (benefit increases 5% compounded annually) .
Age 55 $100 Maximum Daily Benefit x 3 Year Benefit Period
Cost: $ 723-per-year Individual Qualifies for Preferred Health and Spousal Discounts
2008 Cost: $709-per-year ( 2% increase )

Age 55 $100 Maximum Daily Benefit x 3 Year Benefit Period
Cost: $1,060-per-year Individual is Single; Qualifies for Preferred Health Discount
2008 Cost: $1,095-per-year ( 3% decrease)

Age 55 $150 Maximum Daily Benefit x 3 Year Benefit Period
Cost: $1,084-per-year Individual Qualifies for Preferred Health and Spousal Discounts
2008 Cost: $1,064-per-year ( 2% increase)

Age 55 $150 Maximum Daily Benefit x 3 Year Benefit Period
Cost: $1,590-per-year Individual is Single; Qualifies for Preferred Health Discount
2008 Cost: $1,578-per-year ( Less than 1% increase)

Age 65 $100 Maximum Daily Benefit x 3 Year Benefit Period
Cost: $1,364-per-year Individual Qualifies for Spousal Discounts; Standard Health Rate

Age 65 $100 Maximum Daily Benefit x 3 Year Benefit Period
Cost: $2,028-per-year Individual is Single; Standard Health Rate

Age 65 $150 Maximum Daily Benefit x 3 Year Benefit Period
Cost: $2,047-per-year Individual Qualifies for Spousal Discounts; Standard Health Rate

Age 65 $150 Maximum Daily Benefit x 3 Year Benefit Period
Cost: $3,042-per-year Individual is Single; Standard Health Rate

Age 65 $240 Maximum Daily Benefit x 3 Year Benefit Period
Cost: $3,274-per-year Individual Qualifies for Spousal Discounts; Standard Health Rate

Age 65 $240 Maximum Daily Benefit x 3 Year Benefit Period
Cost: $4,867-per-year Individual is Single; Standard Health Rate

There is no arguing the fact that premiums for LTCI increase pretty dramatically over time. If you have the ability to begin paying premiums at a younger age AND you are in good health, it is something to consider; you could save a significant amount of money down the road.

If you have any questions, feel free to contact one of our long term care insurance specialists HERE.

Related posts:

1. Top 5 Factors That Influence Long-Term Care Insurance Costs
2. At What Age Should I Purchase Insurance For Long Term Care?
3. 5 Factors That Determine the Cost of Insurance For Long Term Care