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Bronze Conversationalist
Posts: 25
Registered: ‎04-06-2013

Re: Long Term Care insurance policies cost

Message 1 of 6 (108 Views)

I am 66 and she is 63.  We have a 5 year payout policy, right now about 8000 a month (each - compounding at 3% for the next few years, until they jack up the price again).

Conversationalist
Posts: 9
Registered: ‎09-01-2017

Re: Long Term Care insurance policies cost

Message 2 of 6 (294 Views)

Not knowing what benefits he has in his policy (e.g. cost of living adjustments, home care and facility care, term of benefits, daily benefit etc), $1200 annually seems reasonable.

The insurance companies have terribly underpriced long term care and many have lost money and no longer offer the policies.  Those that do continue to offer coverage need to increase their prices to avoid losses. For anyone who has not purchased, if you find a company that provides a fixed price (sometimes offered if you pay all of the premiums at once or agree to 10 fixed annual payments), then you avoid the cost increases.

Info Seeker
Posts: 2
Registered: ‎02-06-2016

Re: Long Term Care insurance policies cost

Message 3 of 6 (535 Views)

Can I ask how old both you and your wife are?

 

Bronze Conversationalist
Posts: 25
Registered: ‎04-06-2013

Re: Long Term Care insurance policies cost

Message 4 of 6 (554 Views)

Consider yourself very lucky.  Last year UNUM tried to increase our LTC premium by 280%!  This is after a 20% increase in 2008 and a 30% increase in 2011 (we took out the policy in 2005).  Our policy had a 5% compound inflation rider but they offered to keep the premium the same (ie no 280% increase), if we reduced our inflation coverage to 3%.  My wife and I are now paying $1500 a year each.

Trusted Social Butterfly
Posts: 7,094
Registered: ‎02-14-2008

Re: Long Term Care insurance policies cost

Message 5 of 6 (570 Views)

Is this a relatively standard price?  The policy does have a built-in Cost of Living Adjustment Rider.

 

Based on the costs I have seen, you're paying a lot less than other policies costs.  It's difficult to say because we would have to know exactly what kind of coverage you have and compare it to other companies. You can find that info online.


Just think. The world was built by the lowest bidder.
Info Seeker
Posts: 2
Registered: ‎02-06-2016

Long Term Care insurance policies cost

Message 6 of 6 (603 Views)

Both my husband and I have long term care insurance through Prudential. For the past 3 years they have raised the premiums 11.8% per year. We will be paying $1,200/yr for my husband's policy - he is 68 yrs old.

 

Is this a relatively standard price?  The policy does have a built-in Cost of Living Adjustment Rider.