How Much Will My Long Term Care Policy Cost?

Per person per year, the nationwide average for a stay in a nursing home is $45,000.00 to $60,000 a year or more. Likewise the average cost for professional in-home healthcare is hovering between $1,000.00 and $3,000.00 per person per month. Neither average amount includes the cost of prescriptions.

For comparison, here are the annual premiums for an average Long Term Care plan (as of the year 2000):

• From age 40, you can expect to pay $828.00 for Long Term Care Insurance.
• From age 50, you can expect to pay $1,108.00 for a Long Term Care Plan.
• From age 60, you can expect to pay $1,783.00 for your Long Term Care Policy.
• From age 70, you can expect to pay $3,484.00 for the same Long Term Care Coverage.

Is $3,484.00 per year expensive?

That depends on what you’re comparing it to. From the standpoint of knowing that over half of us will need Long Term Care eventually, it's inexpensive since the only other option is paying as much as $60,000 a year for your Long Term Care.