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Long Term Care Insurance Rates

Insurance companies determine long term care insurance rates based on factors including:

Your Age: Younger applicants have lower long term care insurance rates.

Your Health: The condition of your health at the time the policy is issued affects your long term care insurance rates. Long term care insurance costs are higher if there are health problems. Long term care insurance companies may ask for permission to examine your current medical records, or take a physical exam. Answer all health questions as truthfully and thoroughly as possible. If a company learns you did not fully disclose your health status on the application, it could refuse to pay your claim or cancel your policy.

Elimination Period: Longer elimination period will lower your long term care insurance rate.

Benefit amount and duration: A long term care policy paying $50 a day for three years will cost less than one paying $100 a day for five years.

Other factors: Adding optional benefits will increase your long term care insurance rates. Also long term care costs vary depending on the state and location you live in.

Premium increases

Individuals cannot be singled out for a rate increase, regardless of the number or amount of claims the insured person made or any change in health. Insurance companies can raise the premiums on policies that do not have fixed rates, but only if they increase the premiums on all policies in your "rate class." Your rate class may be based on your age, where you live, and your health status at the time you purchased your long-term care policy. Once your rate class is established, however, deteriorating health may not change your class or affect your individual premium.

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