Long term care insurance premiums are up by 9% this year
according to the latest report. Premiums
vary greatly depending on several factors. According to Jesse Slome, increase in
policies is much larger for some people while it is quite modest for couples.
Couples get a discount if they buy a joint policy since one
of them will most likely provide care for a spouse. So a married couple will
now pay $3,930, up from $3,280 for the initial coverage of $328,000.
A man who is 55 years old will expect to pay the average
cost of $2,075 annually for the initial coverage of $164,000, which is up from
$1,765 last year.
The rate for a single woman of the same age is higher. Her average
rate is $2,411 which is up from $2,307. The reason behind this is gender-based
pricing since women outlive men and will most likely require long term care.
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