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Don't Grow Old Without It (Wall Street Journal)

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Average premiums on long-term care insurance have risen 6% to 17% in the past year, according to the American Association for Long-Term Care Insurance. Shopping around for the best deal can be difficult because policies are packaged with different options. What factors into getting the best deal? Besides age and health, the daily benefit, length of coverage and inflation protection have the biggest impact on determining the premium. Online calculators can help get a sense of future daily costs. Coverage periods typically range from two to six years. Several insurers have dropped unlimited lifetime coverage because it’s expensive and unpredictable. Many experts consider the level of inflation protection to be the most crucial piece of the policy. The most expensive, and widely recommended, option is 5% compound inflation.