Try: The cost of long-term care insurance varies widely depending on the options you choose for example inflation adjustments can add between 40 and more than 100 percent to your premium however this option can keep benefits in line with the current cost of care premiums the actual premium you will pay depends on many factors including your age the level of benefits and the length of time you are willing to wait until benefits begin a licensed long-term care insurance agent or a financial advisor can help in balancing policy features and premium cost premiums generally remain the same each year unless they are increased for an entire class of policyholders at once that means that the younger you are when you first buy a policy the lower your annual premium will be benefits the amount of your premium also depends on the amount of the daily benefit and how long you wish that benefit to be paid for example a policy that pays 100 a day for up to five years of long-term care costs more than a policy that pays 50 a day for three years elimination or deductible periods elimination or deductible periods are the number of days you must be in residence at a nursing home or the number of home care visits you must receive before policy benefits begin for instance with a 20-day elimination period your policy will begin paying benefits on the twenty-first day most policies offer a choice of deductible ranging from zero to 180 days the longer the elimination or deductible period the lower the premium however longer elimination periods also mean higher out-of-pocket costs for instance if have a policy with a 100-day waiting period and you go to a nursing home for a year you must pay for 100 days of care if your stay costs 150 a day your total cost would be 15 000 with a 30-day elimination period your cost would be only 4 500 when you’re considering a long-term care policy you should determine not just how much you can pay for premiums but also how long you could pay for your own care information references "guide to long-term care ltc insurance" by america’s health insurance plans 2004 available at www pueblo gsa gov
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Keywords: Long term care insurance insurance policy insurance premiums
*This information is listed as a Fact Sheet and is not explicitly medically licensed