Traditional Long Term Care is almost always going to give you the most amount of coverage for the least amount of premium. There are many different ways that a traditional LTC plan can be built. There are various riders and differences in companies that allow the advisor and CPS Horizon to build a plan that’s right for the client.
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Sample Long Term Care Rates
Major Carrier
Couples Rates Annual Long-Term Care Premiums | $3,000 Monthly Benefit No Inflation Protection | $6,000 Monthly Benefit No Inflation Protection | $6,000 Monthly Benefit 3% Inflation Protection | $9,000 Monthly Benefit No Inflation Protection |
| Value of total pool per person | $180,000 | $360,000 | $360,000+ | $540,000 |
| Male and Female 55 Preferred | $1,433 | $2,866 | $5,896 | $4,298 |
| Male and Female 60 Preferred | $1,787 | $3,573 | $6,841 | $5,360 |
| Male and Female 65 Preferred | $2,554 | $5,108 | $8,459 | $7,663 |
| Male and Female 70 Preferred | $4,464 | $8,929 | $12,661 | $13,393 |
The findings of a major study determined that the average time on a long term care insurance claim is 3 ½ years.
Of the 400,000 claims analyzed, 95% of all claims were for under $200,000 of dollars paid. This means there was only a 5% chance a claim would be over $200,000. Most of these people were in their 80s when on claim.
Taking into consideration inflation and medical technology, to cover 95%, a 60 year old should have a pool of dollars valuing $350,000 should a claim begin at age 80. That increases to $374,000 if the claim were to begin at age 85.
A 65 year old should have $325,000 in their available pool by age 80 and $350,000 by age 85.
These are per person and it is suggested that at minimum a five year benefit period should be taken into consideration.
There are also options where life insurance can be used to help pay for long term care expenses.
What’s right for you? Let us help determine what is in your best interest.
Single Female Annual Long-Term Care Premiums | $3,000 Monthly Benefit No Inflation Protection | $6,000 Monthly Benefit No Inflation Protection | $6,000 Monthly Benefit 3% Inflation Protection | $9,000 Monthly Benefit No Inflation Protection |
| Value of total pool per person | $180,000 | $360,000 | $360,000+ | $540,000 |
| Female 55 Preferred | $1,098 | $2,195 | $4,628 | $3,292 |
| Female 60 Preferred | $1,380 | $2,760 | $5,399 | $4,140 |
| Female 65 Preferred | $1,964 | $3,928 | $6,650 | $5,892 |
| Female 70 Preferred | $2,847 | $5,693 | $8,317 | $8,539 |
Single Male Annual Long-Term Care Premiums | $3,000 Monthly Benefit No Inflation Protection | $6,000 Monthly Benefit No Inflation Protection | $6,000 Monthly Benefit 3% Inflation Protection | $9,000 Monthly Benefit No Inflation Protection |
| Value of total pool per person | $180,000 | $360,000 | $360,000+ | $540,000 |
| Male 55 Preferred | $668 | $1,335 | $2,634 | $2,003 |
| Male 60 Preferred | $820 | $1,641 | $3,028 | $2,462 |
| Male 65 Preferred | $1,182 | $2,364 | $3,768 | $3,546 |
| Male 70 Preferred | $1,828 | $3,655 | $4,938 | $5,482 |
If you are married and applying without your spouse, a 15% discount can be applied.
Here are also some articles to help you better understand Traditional LTC.
