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          Costs & Who Pays
          What is Long-term Care Insurance?
          Long-term Care Insurance Costs Long-term Care Insurance Costs
 Costs & Who Pays
  

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    Overview
                                
                
        Who Pays for Long-Term Care?
          
                                  Using Life Insurance to Pay for Long-Term Care
                          Buying Long-Term Care Insurance
                                Costs of Care
                                
                
        What is Covered by Health & Disability Insurance?
          
                                  Coverage Limits Chart
                                      
                
        What is Long-Term Care Insurance?
          
                                  What Long-term Care Insurance Covers
                          Receiving Long-Term Care Insurance Benefits
                          Where to Look for Long-term Care Insurance
                          Long-term Care Insurance Costs
                                      
                
        Paying Privately
          
                                  Reverse Mortgages
                          Annuities
                          Trusts If you have a long-term care insurance policy, the buyer pays a pre-set premium.The policy then pays for the services you need, when you need them (up to its coverage limits). On occasion, if the assumptions used to price the policy prove wrong, the insurance company can increase your premiums beyond the pre-set amount. Typically, you are not expected to pay premiums while you receive long-term care.
The cost of a long-term care policy varies greatly based on:
Your age at the time of purchase
The policy type
The coverage you selectIn 2007, the average long-term care insurance policy:
Cost about $2,207/year
Covered 4.8 years of benefits, excluding the 20 percent of people who elected lifetime coverage
Had a daily benefit amount of $160
Was a comprehensive policy covering both facility and at-home care
Included some form of automatic inflation protection

                    *Last modified on 02/18/2020*
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