Consumers Not Aware That Long-Term Care Insurance Costs Vary By Health

Long term care insurance costs and healthYour current health when applying for long-term care insurance plays a significant role in determining what you’ll pay for coverage shares the director of the American Association for Long-Term Care Insurance.

“If you are in what’s considered preferred health when applying you’ll pay significantly less for long-term care insurance,” explains Jesse Slome, director of the long-term care insurance industry group.  The organization shared findings from their 2020 Long-Term Care Policy Price Comparison Study.

According to the organization, a 65-year old single male in excellent health would pay around $1,400-a-year for $162,000 of potential long-term care insurance benefit.   If he had health issues he might pay around $2,100-a-year for the same amount of coverage.

“Individuals are not aware of the importance their health plays into determining not just what they will pay for long-term care insurance but whether they will even be accepted for coverage,” adds Jesse Slome.  “Today, thanks to great medical care and the plethora of medicines, we think of ourselves as being in good health when really we are in good controlled health.”

Insurance companies charge more for individuals they consider to be at higher risk of utilization of long-term care services AALTCI reports.  “These are not conditions that kill you but something like a combination of a diabetic who has their condition under control but who smokes,”
Slome explains.  “Each insurer has a very extensive list of conditions that they use to screen consumers applying for coverage.”

Slome emphasized the importance of applying for long-term care insurance at younger ages before so many common health conditions arise.  “If you have health conditions, your best move is to speak with a knowledgeable long-term care insurance professional who understands the health requirements of the various insurance companies,” he advises.  “You do not want to be declined by one insurer because that could result in an automatic decline without consideration from others.”

The Association recently posted an informational webpage for individuals who are age 75 or older who want to learn more about long-term care insurance.  The Association’s website lists multiple conditions that would make an applicant ineligible for insurance.

To learn more about long-term care planning visit the Association’s Consumer Learning Center page where the 2020 Price Index can be accessed.  Go to to access this and other current information.

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