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 At age 70, how much does long-term care insurance cost?

At age 70, how much does long-term care insurance cost?

Depending on a number of variables, such as the policyholder's age, health, level of coverage, and particular features, the cost of long-term care insurance can vary greatly. My last knowledge update was in January 2022, and as of now, I don't have specific, current information on long-term care insurance premiums for people over 70.

I can offer the following general details and advice, though:

Age: As people age, long-term care insurance premiums typically rise. In general, premiums will be cheaper the earlier you buy insurance. If you wait until you're 70 years old to buy long-term care insurance, your premiums might go up more than if you buy it earlier.

Health: An important consideration is the person's health. Pre-existing medical conditions can raise premium costs, and in certain situations, coverage may be denied to people with specific medical conditions.

Amount and Duration of Coverage: The cost is also influenced by the extent of coverage and the length of benefits. Generally, premiums for policies with longer benefit periods and higher daily benefit amounts will be higher.

Inflation Protection: One option to think about is including inflation protection in the policy. The benefits of this feature are gradually increased to keep up with the growing expense of long-term care. It does, however, also raise the policy's cost.

Insurance Company: Different insurance providers may charge different premiums, and different insurance companies may use different pricing models. Getting quotes from several insurance providers is a good idea if you want to compare prices and coverage options.

It's advised to get in touch with insurance companies directly to find out the most accurate and recent information on long-term care insurance costs at age 70, or to work with a certified insurance agent who can offer customized quotes based on specific situations. Remember that the costs of long-term care insurance can add up, so make sure the coverage fits your needs and preferences by carefully going over the policy details.

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