2024 Long term care insurance policy prices, statistics, buyer and claimant data


2024 Long-Term Care Insurance Facts - Prices - Data - Statistics - 2024 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. Live links to this webpage are appreciated. Thank you.

We appreciate the financial support of insurance professionals who value AALTCI's role in creating heightened awareness and understanding of the value of LTCi. If you would like to join, click this link to become a supporting AALTCI member. Thank you.


Most Popular Searched Topics - 2024 Information

Click on the links to 'jump' to the specific data. Scroll DOWN for a complete listing.

  • NEW POLICY COST - 2024 Long-Term Care Insurance (AGE 65, Male - Female - Couples)
  • LOWEST & HIGHEST POLICY COSTS - Comparing 3 leading insurers- ages 55 & 65
  • CLAIMS PAID 2023 (2020-2023) - Total Amount - Number of Claimants

  • Links to Prior Years Long-Term Care Insurance Information
    Click on the links to 'jump' to that year's data.

    2023 LTCi Price Index - Click Here To Access 2023 Long-Term Care Insurance Price Index

    25 FACTS - 2022 - Click Here To Access 2022 Long-Term Care Insurance Data & Statistics

    21 FACTS - 2021 - Click Here To Access 2021 Long-Term Care Insurance Data & Statistics

    16 FACTS - 2020 - Click Here To Access 2020 Long-Term Care Insurance Data & Statistics

    18 FACTS - 2019 - Click Here To Access 2019 Long-Term Care Insurance Data & Statistics

    Click Here To Access 2017 / 2018 Long-Term Care Insurance Data & Statistics


    2024 LONG-TERM CARE INSURANCE PRICE INDEX REPORTS

    Click the links to jump down to the various PRICING REPORTS

  • LOWEST & HIGHEST POLICY COSTS - Comparing 3 leading insurers- ages 55 & 65
  • NEW POLICY COST - 2024 Long-Term Care Insurance (AGE 55, Male - Female - Couples)
  • NEW POLICY COST - 2024 Long-Term Care Insurance (AGE 60, Male - Female - Couples)
  • NEW POLICY COST - 2024 Long-Term Care Insurance (AGE 65, Male - Female - Couples)
  • NEW POLICY COST - Comparing Traditional LTC Insurance vs. Linked Benefit (No growth)
  • NEW POLICY COST - Comparing Traditional LTC Insurance vs. Linked Benefit (3% growth)
  • NEW POLICY COST - Short-Term Care Insurance


  • LONG TERM CARE INSURANCE BUYERS - TRADITIONAL LTCi

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  • AGE OF BUYERS - TRADITIONAL LONG-TERM CARE INSURANCE
  • MONTHLY BENEFIT AMOUNT AT PURCHASE
  • FUTURE INFLATION GROWTH PERCENTAGE AT PURCHASE
  • COST OF WAITING TO APPLY FOR LTC INSURANCE
  • PERCENTAGE OF APPLICANTS WHO ARE DECLINED FOR COVERAGE


  • 2024 LONG TERM CARE NEED DATA - NURSING HOME - HOME CARE

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  • TOTAL NURSING HOME - HOME CARE NEED
  • ADL NEED AMONG SENIORS AGES 65 AND 85
  • NURSING HOME STAYS AMONG SENIORS 65 AND 85
  • LENGTH OF HOME CARE NEED AMONG SENIORS


  • 2024 LONG TERM CARE INSURANCE DATA - STATISTICS - CLAIMANTS & MORE

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  • CLAIMS PAID 2023 (2020-2023) - Total Amount - Number of Claimants
  • INSURERS SELLING TRADITIONAL LTC INSURANCE (2024)
  • TOP 10 LONG-TERM CARE INSURERS (Policies in Force)




  • LOWEST & HIGHEST POLICY COSTS - 2024 LONG-TERM CARE INSURANCE

    Here are actual prices from the TOP 3 SELLING LTC INSURANCE COMPANIES. Basically a comparison of virtually identical coverage for a couple.

    COUPLE both AGE 55 -- $165,000 initial pool growing at 3% compounded annually.
    LTC Insurance Company 1: $5,018-per-year
    Company 2: $6,247-per-year
    Company 3: $6,321-per-year - YOU'D PAY 26% MORE

    COUPLE both AGE 65 -- $165,000 initial pool growing at 3% compounded annually.
    LTC Insurance Company 1: $7,137-per-year
    Company 2: $7,844-per-year
    Company 3: $8,493-per-year - YOU'D PAY 19% MORE

    The ability to SAVE MONEY on LTC insurance is just one of many reasons we believe working with a long-term care insurance specialist is important.
    Call the Association at 818-597-3227 with any questions. Thank you.

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    Long-Term Care Insurance Policy Costs - 2024 - PURCHASE AGE 55

    Based on 2024 American Association for Long-Term Care Insurance annual Price Index survey of leading LTC insurer(s) selected by consumers (Jan 2024). Initial policy benefit equals $165,000. NOTE: We no longer compare the 1% Inflation Growth Option.

    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 2% yearly  $ 1,750
    Single Male, Age 55 (Select Health) benefits grow at 3% yearly  $ 2,075
    Single Male, Age 55 (Select Health) benefits grow at 5% yearly  $ 3,690

    Single Female, Age 55 (Select Health) $165,000 level benefits  $ 1,500
    Single Female, Age 55 (Select Health) benefits grow at 2% yearly  $ 2,800
    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 2% yearly  $ 3,875 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

    Rates above are for an initial pool of benefits equal to $165,000 (for EACH at age 55).
    COMPOUND INFLATION BUILDS FUTURE POLICY VALUE:
    Value of benefits when policyholder reaches AGE 85 equals $298,900 for EACH insured @2% -- $400,500 for EACH @ 3% -- $679,100 EACH INSURED @ 5%.
    Prices for State of IL. Prices can vary by State. Calculated: Jan. 2024 and subject to change by the various insurers.

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    Long-Term Care Insurance Policy Costs - 2024 - PURCHASE AGE 60

    Based on 2024 American Association for Long-Term Care Insurance annual Price Index survey of leading LTC insurer(s) selected by consumers (Jan 2024). Initial policy benefit equals $165,000. NOTE: We no longer compare the 1% Inflation Growth Option.

    Annual Premium - Purchase Age 60
    Single Male, Age 60 (Select Health) $165,000 level benefits  $  1,200
    Single Male, Age 60 (Select Health) benefits grow at 2% yearly  $  2,060
    Single Male, Age 60 (Select Health) benefits grow at 3% yearly  $  2,585
    Single Male, Age 60 (Select Health) benefits grow at 5% yearly  $  3,800

    Single Female, Age 60 (Select Health) $165,000 level benefits  $  1,900
    Single Female, Age 60 (Select Health) benefits grow at 2% yearly  $  3,325
    Single Female, Age 60 (Select Health) benefits grow at 3% yearly  $  4,400
    Single Female, Age 60 (Select Health) benefits grow at 5% yearly  $  6,700

    Couple Both Age 60 (Select Health) $165,000 level benefits  $  2,600 combined
    Couple Both Age 60 (Select Health) benefits grow at 2% yearly  $  4,500 combined
    Couple Both Age 60 (Select Health) benefits grow at 3% yearly  $  5,800 combined
    Couple Both Age 60 (Select Health) benefits grow at 5% yearly  $  8,700 combined
    Rates above are for an initial pool of benefits equal to $165,000 (for Each at age 60).
    COMPOUND INFLATION GROWTH BUILDS FUTURE POLICY VALUE:
    Value of benefits when EACH policyholder reaches AGE 85 equals $270,700 for EACH INSURED @2% -- $345,500 for EACH @ 3% -- and $588,750 for EACH @ 5%.
    Prices for State of IL. Prices can vary by State. Calculated: Jan. 2024

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    Long-Term Care Insurance Policy Costs - 2024 - PURCHASE AGE 65

    Based on 2024 American Association for Long-Term Care Insurance annual Price Index survey of leading LTC insurer(s) selected by consumers (Jan 2024). Initial policy benefit equals $165,000. NOTE: We no longer compare the 1% Inflation Growth Option.

    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 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 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 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
    Rates above are for an initial pool of benefits equal to $165,000 (for EACH at age 65).
    COMPOUND INFLATION GROWTH BUILDS FUTURE POLICY VALUE:
    Value of benefits when EACH policyholder reaches AGE 85 equals $245,000 for EACH INSURED @2% -- $298,500 for EACH @ 3% -- and $437,800 for EACH @ 5%.
    Prices for State of IL. Prices can vary by State. Calculated: Jan. 2024


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    Compare Traditional Long-Term Care Insurance to Linked Benefit
    - NO Inflation Growth -

    IMPORTANT: Linked-benefit products today vary significantly and it is virtually impossible to provide an "apples-to-apples" comparison. The examples below are as close as we can come; designed to give consumers a good starting point. It is important to work with a knowledgeable long-term care insurance who can educate you and compare the various options. Prices as of Jan. 2024 and subject to change.

    Traditional Long-Term Care Insurance Policy - NO INFLATION GROWTH - YEARLY PREMIUMS
    Single Male, Age 55 - Pool of LTC Benefits = $165,000  $  900
    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 = $120,000$  3,540
    Single Female, Age 55 - Pool of LTC Benefits = $180,000 / Min. death benefit = $120,000  $  3,265
    Linked-Benefit (Life Insurance + LTC) Policy - Company B - ONE SINGLE PREMIUM PAYMENT
    Single Male, Age 55 - Pool of LTC Benefits = $180,000 / Min. death benefit = $120,000$ 52,753
    Single Female, Age 55 - Pool of LTC Benefits = $180,000 / Min. death benefit = $120,000$ 54,022

    Rates above include NO INFLATION GROWTH OPTION so benefit pool WILL NOT INCREASE. Prices can vary by State and subject to change by the various insurers. Calculated: Jan. 2024

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    Compare Traditional Long-Term Care Insurance to Linked Benefit
    - WITH 3% Annual Inflation Growth -

    IMPORTANT: Linked-benefit products today vary significantly and it is virtually impossible to provide an "apples-to-apples" comparison. The examples below are as close as we can come; designed to give consumers a good starting point. It is important to work with a knowledgeable long-term care insurance who can educate you and compare the various options. Prices as of Jan. 2024 and subject to change.

    Traditional Long-Term Care Insurance Policy - With 3% Annual Growth - YEARLY PREMIUMS
    Single Male, 55 - LTC Benefits @ Age 90 = $464,300 / no death benefit $  2,100
    Single Female, 55 - LTC Benefits @ Age 90 = $464,300 / no death benefit  $  3,600
    Linked-Benefit (Life Insurance + LTC) Policy - Company A - YEARLY PREMIUM PAYMENTS
    Single Male, 55 - LTC Benefits @ Age 90 = $521,850 / $181,000 growing death benefit $  5,025
    Single Female, 55 - LTC Benefits @ Age 90 = $521,850 / $215,000 growing death benefit  $  5,975
    Linked-Benefit (Life Insurance + LTC) Policy - Company B - 1 SINGLE PREMIUM PAYMENT
    Single Male, 55 - LTC Benefits @ Age 90 = $521,840 / Min. death benefit = $120,0000  $  71,700
    Single Female, 55 - LTC Benefits @ Age 90 = $521,840 / Min. death benefit = $120,000  $  76,740
    Policies include a 3% annual inflation growth option so benefits increase each year the policy is in place.. Prices can vary by State. Calculated: Jan. 2024

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    Short-Term Care Insurance

    Short-term care insurance can be a very viable option for those who are too old for traditional long-term care insurance or have existing health issues. Policies are not available in all states. We have a lot of information about short-term care insurance on our website.
    Click the link to learn get more Short-term care insurance information

    Short-Term Care Insurance - Nursing Home (NH) AND Home Care Benefits
    Male, 65 - NH Benefit $300/day x 360 days / Home Care Benefit $900/week x 52 weeks Annual $1,725
    Female, 70 - NH Benefit s of $$300/day x 360 days / Home Care Benefit $900/week x 52 weeks Annual $2,700
    Short-Term Care Insurance - HOME CARE ONLY BENEFITS
    Male, 65 - Home Care Benefit of Annual Premium $640
    Female, 70 - Home Care Benefit $900/week x 52 weeks Annual Premium $995
    If you are a consumer with questions about short-term care insurance, we invite you to call the Association offices at 818-597-3227

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    AGE OF BUYERS - INDIVIDUAL LTCi (New coverage)

    The vast majority of buyers of individual LTC insurance are between ages 50 and 69. According to Jesse Slome, AALTCI director, the 'sweet spot' for applying for LTC insurance is between age 55 and 65.

    age of buyers long term care insurance 2024

    When citing data, please credit: "American Association for Long-Term Care Insurance, 2024, www.aaltci.org"

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    MONTHLY BENEFIT AMOUNT AT PURCHASE

    The majority of buyers of individual LTC insurance select an INITIAL policy with a MAXIMUM MONTHLY BENEFIT of between $3,000 and $6,000. Adding an INFLATION GROWTH FACTOR will INCREASE the value of their benefit amount each year.

    monthly benefit amount long term care insurance new buyers

    When citing data, please credit: "American Association for Long-Term Care Insurance, 2024, www.aaltci.org"

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    FUTURE INFLATION GROWTH PERCENTAGE AT PURCHASE

    Currently, most people select some form of inflation growth so that their insurance benefits grow in value as they age. This chart shows the growth at 3% compounded annually. It is important to carefully get comparisons and understand the different ways insurers can calculate growth

    future inflation growth factor long term care insurance 2024

    When citing data, please credit: "American Association for Long-Term Care Insurance, 2024, www.aaltci.org"

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    COST OF WAITING TO APPLY FOR LONG-TERM CARE INSURANCE

    Note: This comes from AALTCI's 2021 data. -- 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.

    cost of waiting to apply for long term care insurance

    When citing data, please credit: "American Association for Long-Term Care Insurance, 2021, www.aaltci.org"

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    PERCENTAGE OF APPLICANTS DECLINED FOR LTC INSURANCE

    Note: This comes from AALTCI's 2022 data. -- "Your money pays for long-term care insurance, but it's your health that really buys it. Insurers decline nearly half of those who apply after age 70," explains Jesse Slome, director of the American Association for Long-Term Care Insurance.

    long term care insurance applicants declined 2021

    When citing data, please credit: "American Association for Long-Term Care Insurance, 2022, www.aaltci.org"

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    CLAIMS PAID 2023 (2020 - 2023)

    Traditional long-term care insurers paid $14. Billion in claims in 2023. Access earlier reports via prior LTC Facts pages.

    long term care insurance claims paid
2023

    When citing data, please credit: "American Association for Long-Term Care Insurance, 2024, www.aaltci.org"

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    TOTAL NURSING HOME - HOME CARE NEED

    There are just over 1.3 million people in U.S. nursing homes. Far more people need and receive care in their own home.

    long term care need 2024

    When citing data, please credit: "American Association for Long-Term Care Insurance, 2024, www.aaltci.org"

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    ADL NEED AMONG SENIORS AGES 65 AND 85

    The majority of those ages 65 or older have no limitations, while 9 percent (of the 2018 sample) has no ADL limitations but at least one IADL limitation, and 20 percent has a limitation with respect to at least one ADL. Among the oldest old (those ages 85 or older) 40 percent are free from any limitation, 18 percent have no ADL limitations but at least one IADL limitation, and just over 40 percent have at least one ADL limitation.

    activities of daily living statistics for seniors

    When citing data, please credit: "American Association for Long-Term Care Insurance, 2024, www.aaltci.org"

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    NURSING HOME STAYS AMONG SENIORS 65 AND 85

    nursing home stays data, length of nursing home stays

    When citing data, please credit: "American Association for Long-Term Care Insurance, 2024, www.aaltci.org"

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    LENGTH OF HOME CARE NEED AMONG SENIORS 65 AND 85

    home care need, length of home care need

    When citing data, please credit: "American Association for Long-Term Care Insurance, 2024, www.aaltci.org"

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    Which Insurers Sell Traditional Long-Term Care Insurance (New coverage, 2024)

    Mutual of Omaha
    Thrivent
    National Guardian Life
    New York Life
    Northwestern Mutual Life
    Bankers Life
    Thrivent for Lutherans
    Policy costs can vary significantly as can benefit plan options between these carriers. It is vital (in the opinion of the Association) to connect with a specialist able to educate and compare. List does NOT include companies offering linked-benefit LTC options.

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    TOP 10 LONG-TERM CARE INSURERS (Policies in Force)

    Insurers like Genworth, John Hancock, CNA, Met Life and Prudential have basically stopped offering new policies but continue to service and pay claims on existing policies in force. Not shown UNUM which was a Top-3 insurer but had no data for 2022. Numbers in GREEN reflect INCREASES. Numbers in RED reflect DECREASES.

    long-term care insurance policies in force 2024

    When citing data, please credit: "American Association for Long-Term Care Insurance, 2024, www.aaltci.org"

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