New long-term care policy cost falls for some

AALTCI price index update

Men in the market for great coverage may pay 20 percent less than they paid last year. (Image: Thinkstock) Men in the market for great coverage may pay 20 percent less than they paid last year. (Image: Thinkstock)

For some healthy U.S. men, the cost of great new stand-alone long-term care insurance is a lot lower this year than it was last year.

The American Association for Long-Term Care Insurance has reported as much in its latest LTCI price index report.

The Westlake Village, California-based group uses carrier surveys to find out much a healthy resident of Tennessee might pay for three grades of LTCI coverage.

For a 55-year-old single female in preferred health, the cost of mid-level coverage, with a total of $164,000 in benefits at age 85, is $1,500 per year. That's up slightly from a cost of $1,490 per year for comparable coverage in 2016.

That same woman might pay $2,600 per this year for top-level LTCI coverage, with 3 percent compound annual inflation protection and $330,000 in benefits at age 65. The cost for that coverage is 0.7 percent higher than it was last year. 

Related: AALTCI finds drop in prices for new LTCI policies

For a 55-year-old man in preferred health, the cost of mid-level coverage increased 3 percent this year, to $1,050 per year.

For the top-level coverage, he'd pay $1,665 per year this year, or 20 percent less than he might have paid in 2016.

Related:

AALTCI posts LTCI claim data

AALTCI: LTCI buyers are getting less inflation protection

We’re on Facebook, are you?

Reprints Discuss this story
We welcome your thoughts. Please allow time for your contribution to be approved and posted. Thank you.

Most Recent Videos

Video Library ››