Long-Term Care Insurance Facts - Data - Statistics - 2021 Reports
The information and data provided below from the American Association for Long-Term Care Insurance is based on data researched or gathered by the organization. Information may be used with proper citation (Data from the American Association for Long-Term Care Insurance, www.aaltci.org) unless as indicated otherwise. THANK YOU..
2021 Long-Term Care Insurance Information - Click on the links to 'jump'
- 2021 Long-Term Care Insurance Price Index (AGE 55, Male - Female - Couples)
- 2021 Long-Term Care Insurance Price Index (AGE 65, Male - Female - Couples)
- Compare Costs: Traditional LTC Insurance versus Linked Benefit LTC (No growth)
- Compare Costs: Traditional LTC Insurance versus Linked Benefit LTC (3% growth)
- Cost of Waiting To Apply for Long-Term Care Insurance (ages 55-75)
- Persistency of Long-Term Care Insurance (2015-2019)
Long-Term Care Insurance Policy Costs - 2021 - PURCHASE AGE 55
| Annual Premium - Purchase Age 55 | ||
|---|---|---|
| Single Male, Age 55 (Select Health) $165,000 level benefits | $ 950 | |
| Single Male, Age 55 (Select Health) benefits grow at 1% yearly | $ 1,375 | |
| Single Male, Age 55 (Select Health) benefits grow at 2% yearly | $ 1,750 | |
| Single Male, Age 55 (Select Health) benefits grow at 3% yearly | $ 2,220 | |
| Single Male, Age 55 (Select Health) benefits grow at 5% yearly | $ 3,685 | |
| Single Female, Age 55 (Select Health) $165,000 level benefits | $ 1,500 | |
| Single Female, Age 55 (Select Health) benefits grow at 1% yearly | $ 2,150 | |
| Single Female, Age 55 (Select Health) benefits grow at 2% yearly | $ 2,815 | |
| Single Female, Age 55 (Select Health) benefits grow at 3% yearly | $ 3,700 | |
| Single Female, Age 55 (Select Health) benefits grow at 5% yearly | $ 6,400 | |
| Couple Both Age 55 (Select Health) $165,000 level benefits | $ 2,080 combined | |
| Couple Both Age 55 (Select Health) benefits grow at 1% yearly | $ 3,000 combined | |
| Couple Both Age 55 (Select Health) benefits grow at 2% yearly | $ 3,870 combined | |
| Couple Both Age 55 (Select Health) benefits grow at 3% yearly | $ 5,025 combined | |
| Couple Both Age 55 (Select Health) benefits grow at 5% yearly | $ 8,575 combined | |
PERCENTAGE DIFFERENCE BETWEEN LOWEST & HIGHEST PRICES - with the 3% Option
Male (71%) ------- Female (60%) ------- Couple (52%)
Rates above are for an initial pool of benefits equal to $165,000 (each at age 55). Value of benefits when policyholder reaches age 85 equals $222,400 each (@1%), $298,900 (@2%) or $400,500 each (@ 3%). Prices for State of IL. Prices can vary by State. Calculated: January 2021
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Long-Term Care Insurance Policy Costs - 2021 - PURCHASE AGE 65
| Annual Premium - Purchase Age 65 | ||
|---|---|---|
| Single Male, Age 65 (Select Health) $165,000 level benefits | $ 1,700 | |
| Single Male, Age 65 (Select Health) benefits grow at 1% yearly | $ 2,165 | |
| Single Male, Age 65 (Select Health) benefits grow at 2% yearly | $ 2,600 | |
| Single Male, Age 65 (Select Health) benefits grow at 3% yearly | $ 3,135 | |
| Single Male, Age 65 (Select Health) benefits grow at 5% yearly | $ 4,200 | |
| Single Female, Age 65 (Select Health) $165,000 level benefits | $ 2,700 | |
| Single Female, Age 65 (Select Health) benefits grow at 1% yearly | $ 3,400 | |
| Single Female, Age 65 (Select Health) benefits grow at 2% yearly | $ 4,230 | |
| Single Female, Age 65 (Select Health) benefits grow at 3% yearly | $ 5,265 | |
| Single Female, Age 65 (Select Health) benefits grow at 5% yearly | $ 7,225 | |
| Couple Both Age 65 (Select Health) $165,000 level benefits | $ 3,750 combined | |
| Couple Both Age 65 (Select Health) benefits grow at 1% yearly | $ 4,735 combined | |
| Couple Both Age 65 (Select Health) benefits grow at 2% yearly | $ 5,815 combined | |
| Couple Both Age 65 (Select Health) benefits grow at 3% yearly | $ 7,150 combined | |
| Couple Both Age 65 (Select Health) benefits grow at 5% yearly | $ 9,675 combined | |
PERCENTAGE DIFFERENCE BETWEEN LOWEST & HIGHEST PRICES - with the 3% Option
Male (77%) ------- Female (84%) ------- Couple (46%)
Rates above are for an initial pool of benefits equal to $165,000 (for EACH)(each at age 65). Value of benefits when EACH policyholder reaches age 85 equals $201,300 each (@1%), $245,200 (@2%) or $296,000 each (@ 3%). Prices for State of IL. Prices can vary by State. Calculated: January 2021
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Compare Traditional Long-Term Care Insurance to Linked Benefit
- NO Inflation Growth -
| Traditional Long-Term Care Insurance Policy - NO INFLATION GROWTH - YEARLY PREMIUMS | ||
|---|---|---|
| Single Male, Age 55 - Pool of LTC Benefits = $165,000 | $ 950 | |
| Single Female, Age 55 - Pool of LTC Benefits = $165,000 | $ 1,500 | |
| Linked-Benefit (Life Insurance + LTC) Policy - Company A - YEARLY PREMIUM PAYMENTS | ||
|---|---|---|
| Single Male, Age 55 - Pool of LTC Benefits = $180,000 / Min. death benefit = $120,000 | $ 4,625 | |
| Single Female, Age 55 - Pool of LTC Benefits = $180,000 / Min. death benefit = $120,000 | $ 4,600 | |
| Linked-Benefit (Life Insurance + LTC) Policy - Company B - ONE SINGLE PREMIUM PAYMENTS | ||
|---|---|---|
| Single Male, Age 55 - Pool of LTC Benefits = $180,000 / Min. death benefit = $130,000 | $ 75,900 | |
| Single Female, Age 55 - Pool of LTC Benefits = $180,000 / Min. death benefit = $130,000 | $ 77,000 | |
| Linked-Benefit (Life Insurance + LTC) Policy - Company C - YEARLY PREMIUM PAYMENTS | ||
|---|---|---|
| Single Male, Age 55 - Pool of LTC Benefits = $167,000 / Min. death benefit = $167,000 | $ 5,010 | |
| Single Female, Age 55 - Pool of LTC Benefits = $167,000 / Min. death benefit = $167,000 | $ 4,550 | |
Rates above include NO INFLATION GROWTH OPTION so benefit pool WILL NOT INCREASE. Prices for State of AZ. Prices can vary by State. Calculated: January 2021
Compare Traditional Long-Term Care Insurance to Linked Benefit
- WITH 3% Annual Inflation Growth -
| Traditional Long-Term Care Insurance Policy - With 3% Annual Growth - YEARLY PREMIUMS | ||
|---|---|---|
| Single Male, 55 - LTC Benefits @ Age 90 = $464,300 / no death benefit | $ 950 | |
| Single Female, 55 - LTC Benefits @ Age 90 = $464,300 / no death benefit | $ 1,500 | |
| Linked-Benefit (Life Insurance + LTC) Policy - Company A - YEARLY PREMIUM PAYMENTS | ||
|---|---|---|
| Single Male, 55 - LTC Benefits @ Age 90 = $521,850 / $226,000 growing death benefit | $ 6,300 | |
| Single Female, 55 - LTC Benefits @ Age 90 = $521,850 / $242,500 growing death benefit | $ 6,750 | |
| Linked-Benefit (Life Insurance + LTC) Policy - Company C - YEARLY PREMIUM PAYMENTS | ||
|---|---|---|
| Single Male, 55 - LTC Benefits @ Age 90 = $455,300 / Min. death benefit = $167,0000 | $ 6,710 | |
| Single Female, 55 - LTC Benefits @ Age 90 = $455,300 / Min. death benefit = $167,000 | $ 7,210 | |
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Cost of Waiting To Apply For Long-Term Care Insurance Policies
A comparison of equal coverage. If you wait (say from age 55 to 65) same initial coverage costs 49.9% more. NOT ONLY WILL YOU PAY MORE but you forfeit the increase in potential available benefits (thanks to having an annual growth factor. Plus YOU RISK BEING DECLINED for health reasons or paying more. Finally, YOU MAY LOSE THE COUPLE'S DISCOUNT due to spouse's death, divorce or denial of coverage.
When citing data, please credit: "American Association for Long-Term Care Insurance, 2021, www.aaltci.org"
Back to TopPersistency Long-Term Care Insurance Policies, 2015-2019
Each year, over 95 percent of individuals with traditional policies keep them in force. Five (5) percent drop coverage every year BUT this includes those who DIE. Even when facing rate increases, policyholders do NOT drop their coverage. Most accept other options offered by the insurance company. (January 2021)
When citing data, please credit: "American Association for Long-Term Care Insurance, 2021, www.aaltci.org"
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REPORTERS - EDITORS & BLOGGERS
If you would like additional information please call or email Jesse Slome, Executive Director of the American Association for Long-Term Care Insurance.
Phone: 818-597-3227
Click Here To Email Jesse Slome