A 55-year-old individual considering long term care insurance protection can expect to pay $709 per year if married or $1,095 if single.

Those costs are up about 4% from the 2007 averages, according to the American Association for Long Term Care Insurance, Westlake Village, Calif., the publisher of the 2008 Long Term Care Insurance Price Index.

The annual index reflects current costs for LTC policies that offer consumers about $115,000 in current benefits.

The plans provide benefits for 3 years or longer with an annual compound inflation option that increases insurance benefits by 5% compounded annually.