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.
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.
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