Premiums for long term care insurance rose about 2% to $723 a year for a base plan for a 55-year-old married individual, according to a study by the American Association for Long Term Care Insurance.

For a single individual in that age range, base protection would cost $1,060 annually, according to the annual Long Term Care Insurance Price Index published by the AALTCI, Westlake Village, Calif.

The study measured costs for top selling long term care insurance policies that provide around $115,000 in current benefits, with protection increasing yearly as the individual ages.

“A solid base plan of protection will grow in value to over $305,000 of protection 20 years from now,” said Jesse Slome, executive director of the AALTCI.

“The cost of long term care insurance is directly related to how much protection you purchase, the age you first apply, your health at the time of application and assumptions that vary from one insurer to another,” said Slome.

The cost analysis priced typical coverage for individuals ages 55 and 65. It found that a married individual age 55 purchasing $172,000 in current protection would pay about $20 a week by qualifying for available good health discounts. By waiting until they are age 65, they would likely pay $63 a week because costs increase with age and because one must buy more coverage to keep pace with inflation, the report concludes.