Costs for new long-term care insurance policies have increased by 42.5 percent compared to five years ago according to the American Association for Long-Term Care Insurance (AALTCI). The are reasons why the increase is so dramatic and there are also smart ways for consumers to save significantly on this important coverage, explains Jesse Slome, director of the long-term care insurance organization.
According to the Association s 2015 Long-Term Care Insurance Price Index, a 60-year old couple could expect to pay around $3,930 annually for a typical policy. We reported costs for a policy that provides each spouse with an initial benefit of $165,000 growing to $335,000 when they reach age 85, Slome notes. The typical individual with long-term care insurance generally begins to need care in their 80s or later.