This could be a good year for a relatively young, healthy man to buy long-term care insurance (LTCI).
A single man in good health might pay an average of about $1,700 per year in 2020 for new stand-alone LTCI coverage, according to the American Association of Long-Term Care Insurance (AALTCI).
That’s down sharply from $2,050 in 2019.
The average price for stand-alone LTCI coverage for women has fallen to about $2,675, from $2,700.
The average price for couples is holding steady at $3,050.
The prices reflect the cost, in Illinois, of a pool of benefits that amounts to $164,000 for each covered individual at age 55 and rises to $386,500 each by age 85.
AALTCI has not provided a list of the carriers included in the price data.
Jesse Slome, the director of the Westlake Village, California-based group, said in a comment about the results that the average for men may have declined partly because some of the higher-priced carriers have stopped selling a large number of policies.
— Read AALTCI Sees Big Variations in 2019 LTCI Premiums, on ThinkAdvisor.