Costs long-term care insurance 2024 reported by AALTCI

costs long-term care insurance 2024

Costs for traditional long-term care insurance coverage are level compared to the prior year according to the 2024 Long-Term Care Insurance Price Index released today by the American Association for Long-Term Care Insurance.

“In some cases, prices decreased a little compared to the prior year,” states Jesse Slome, directory of the national organization that advocates for the importance of long-term care planning. “The declines were minimal and there were a few instances where costs rose but again the increases were nominal.”

According to the organization’s 2024 Price Index report, a couple, both age 55, who each obtain long-term care protection valued at $800,000 (total) for their needs at age 85 can expect to pay around $5,000 annually.

“This couple could pay as little as $2,080 combined if they opted for policies that did not include any future growth of benefits,” Slome acknowledges.  “Adding a 3 percent annual inflation growth factor increases their cost to $5,025-per-year. Selecting coverage that will grow at 5 percent annually increases their cost to almost $8,600 annually.”

While prices for traditional long-term care insurance offerings remained relatively level, the same was not true for linked benefit policies.

“Costs for linked benefit products are substantially lower compared to a year ago” reports the long-term care insurance expert.  “The linked-benefit market is more competitive and life insurers clearly are looking to capture more premium. Rising interest rates provided them with an opportunity to offer reduced premium costs,” Slome explains.

According to the 2024 Long-Term Care Insurance Price Index, a single 55-year-old male purchasing a life plus LTC policy providing around $520,000 of potential long-term care benefits at age 90 could expect to pay $5,022 in annual premiums. The Association’s 2023 Price Index reported that same coverage would have cost $5,600. Access the 2023 LTC Price Index at

The American Association for Long-Term Care Insurance ( ) advocates for the importance of planning and supports insurance professionals who market both traditional and hybrid LTC solutions. To learn more or to connect long-term care insurance specialists visit the organization’s website or call 818-597-3227.

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