Long Term Care coverage premiums are based on your age at the time you apply for coverage, so the premium you would pay goes up with each birthday. Once you’ve purchased Long Term Care insurance, the insurer can only raise your premium on a class basis — not because of your age or health.

The graph below shows how a typical policy gets more expensive based on the age of the applicant.

Other factors affecting your Long Term Care coverage premium rate, are:

• Your health when you apply
• The length of time during which covered benefits would be available
• Specific policy features, benefits and optional benefits you select
• Any discounts for which you are eligible. (Discounts can add up to 40% or more depending on the company you choose.)

While Long Term Care insurance can seem expensive, it is important to note,  just one year in a nursing home is often more expensive than 20 or 30 years of Long Term Care insurance premiums.

See the charts below to see how quickly Long Term Care policyholders can recoup their premium compared to daily nursing home costs.

* Based on MetLife Mature Market Survey, Aug. 5, 2003. Assuming five percent inflation.

You can request free long term care insurance rate comparisons of major carriers.