How Much Does Long Term Care Insurance Cost?

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Contributor, Benzinga
June 13, 2023

It can be worth taking a look at long-term care insurance if you are a senior who struggles with medical conditions. This type of insurance is designed to cover expenses for your care and well-being when you are unable to care for yourself. It pays for professional medical and caregiving assistance in your home or in a facility from people who are experienced in providing long-term healthcare services. Long-term care providers assist people with daily activities like dressing, eating and bathing. This type of insurance also pays for memory care services for people suffering with dementia or Alzheimer's disease.

Many long-term care insurance providers offer policies, and this article discusses the best ones for a 75- or 77-year-old looking for long-term care insurance.

Benzinga analyzed and reviewed many companies, naming MassMutual as the best long-term care insurance provider for people aged 75- or 77-year-old. 

Other winners include:

How Much Does Long-Term Care Insurance Cost for a 75- or 77-Year-Old?

The average cost for long-term care insurance for a 75- or 77-year-old is higher when compared to the cost for younger people. The exact price depends on several factors, including the type and duration of the care you elect. When you purchase long-term care insurance from one of the providers in this article, you rely on well-known, trusted, experienced companies serving customers in every U.S. state. 

Can a 90-Year-Old Get Long-Term Care Insurance?

While long-term care insurance is usually purchased by people between 50 to 70 years old in anticipation of the need for care as they age, some companies insure people who are 85 years and older. What are the advantages and disadvantages of long-term care insurance for people who are 90?

As people live longer, the chance that they will need long-term care increases. That means that as a 90-year-old senior, you may have to spend a lot of money to enter an assisted living community or to pay a caregiver to come to your home. When you don't have enough savings, it can be difficult to afford long-term care if you have no insurance to rely on.

Some providers sell long-term care insurance to consumers who are 85 and older. Contact these insurers to ask about rates and whether they can create a specific plan for your needs.

Best Long-Term Care Insurance Companies

Take a look at the following providers selected by the Benzinga team. Each exceeds Benzinga’s standard requirements.

MassMutual

Operating since 1851, the Fortune 500 company MassMutual has strong ratings that indicate stability for the foreseeable future. It specializes in long-term care insurance and life insurance with acceleration benefits.

Inflation protection is included in its services, so you get the real value of your benefits. Customers are satisfied with MassMutual's way of operation as this company registered a minimal number of complaints. The low level of social media dissatisfaction in such a big company shows how much it cares about its clients.

Its customer service is available for calls only, but you can request an agent to contact you. Use the contact form on the website to get in touch with the team. 

Pros

  • Low number of complaints
  • Strong financial rating
  • In business since 1851

Cons

  • Medical exam required
  • No live chat 

Guardian

When it comes to insurance, Guardian is an expert. Guardian operates in all states and Washington, D.C. Founded in 1860, it's just a couple of years younger than MassMutual. Strong financial ratings and high customer satisfaction are common in Guardian.

Besides long-term care insurance, it offers accident, vision and disability insurance. Policies start at $100,000 and can reach as high as 20 times your yearly income. Regarding the age limits, anyone below 85 years old can apply.

Pros

  • High age limit
  • Online application for some policies
  • Superior financial strength rating

Cons

  • No mobile app
  • Limited customer service

Mutual of Omaha

More than 5,500 employees work hard to make Mutual of Omaha the best long-term care insurance provider, and they're successful at it. Founded in 1909, this company has been taking care of seniors in need of assistance for more than a century. 

Its interactive website is full of information about its services, so it's easy to get familiar with the plans. A handy calculator allows you to calculate your premiums. For example, a 55-year-old woman pays about $140 per month for a monthly payout of $3,800.

If you want to connect with Mutual of Omaha, use the contact form to reach out to an agent. 

Pros

  • Professional team that cares about customers
  • Policy calculator 

Cons

  • More expensive than its competitors
  • No online application for term policies

New York Life

Most providers offer long-term care insurance with expiration dates of a year or two. New York Life offers long-term care insurance that lasts for up to seven years. 

The company offers two types of long-term care insurance: traditional and hybrid. If you are worried about the price of your plan going up in the future, this company guarantees that your premiums will not increase for the first three years.

Inflation protection is something important to consider when choosing a provider, and New York Life offers it with its plans. This feature protects you against the rising cost of inflation.

Pros

  • Available in all states
  • No rate increases in the first three years
  • Long-term care and life insurance in one policy

Cons

  • No online quotes 
  • Exponentially increasing premiums after three years

At What Age Should You Buy Long-Term Care Insurance?

The younger you are, the lower the premiums will be for long-term care insurance. The ideal age for buying long-term care insurance is 60 years old. If you get this service in your 40s and 50s, you pay premiums for a long time, which increases the total cost. People over 70 pay a higher monthly premium because they are at higher risk from age and medical conditions. 

Why You Should Trust Benzinga

Benzinga wants to make financial management easier for you. It is important to choose the right insurance and investing tools, but it’s often stressful to do so on your own. This article can be useful if you are thinking about buying long-term care insurance.

While it is not legally required, long-term care insurance is good to have. Many people buy this type of insurance, and several companies provide it. But not all of them deliver on their promises, and some companies charge hidden fees.

Benzinga’s team of experts reviewed and analyzed providers by reading through policies, comparing premiums and checking coverage amounts to arrive at the four best options.

Long-Term Care Insurance Cost by Age

Because this service is more expensive than other types of insurance, you might worry about the cost. As you age, the price will increase, and your monthly premiums will get higher over time. 

This table illustrates long-term care insurance costs per month and per year at different ages. These premium costs are estimates, and the exact price depends on your chosen provider. 

AgeMonthly premiumAnnual premium
50$208$2,496
55$219$2,628
60$275$3,300
65$323$3,876
70$509$6,072
80$784$9,408

Factors to Look for

Take a look at the following factors when considering care insurance and keep the list handy when discussing your contract with a new provider.

Duration

Long-term care insurance policies are intended to last for 12 months, but some policies extend to two or more years. However, you can no longer find long-term care insurance policies that stay active for the entire duration of your lifetime. You’ll need to look for renewal options once the contract expires.

Insurance Agents

As you will negotiate with an agent before choosing a policy, it is important to deal with seasoned insurance professionals. Make sure they have enough experience and knowledge in long-term care insurance and are willing to answer your questions. The performance of the agent usually reflects the quality of the business.

Protection Against Inflation

Your policy should protect you against inflation; otherwise, the benefits will no longer match the price you paid. Most long-term care insurance providers add inflation protection. If you don't see this information displayed on the website, make sure to ask about this feature.

Renewal Guarantees

Because long-term care insurance policies have expiration dates, expect to go through a renewal process periodically. Companies have the right to reject you based on your age and health condition, and you might suddenly find yourself without long-term care insurance. Look for renewal guarantees in any policy you consider buying.

Is Long-Term Care Insurance Worth It?

The biggest benefit of buying long-term care insurance is the peace of mind that comes with knowing you will be able to afford care if you become unable to care for yourself. Few people want to burden their children and extended families with the task of providing personal care to an elderly relative, and having long-term care insurance gives you the reassurance that you can hire professional caregivers or move into a long-term care facility if that time ever comes.

About Luke Jacobi

Luke Jacobi is a distinguished professional known for his role as President at Benzinga, a renowned financial media outlet. With a background in business operations and management, Luke brings valuable expertise to his position, overseeing various aspects of Benzinga’s operations. His contributions play a crucial role in the company’s success, ensuring efficiency and effectiveness across different departments. Prior to his role at Benzinga, Luke has held positions that have honed his skills in leadership and strategic decision-making. With a keen understanding of the financial industry and a commitment to driving innovation, Luke continues to make significant contributions to Benzinga’s mission of providing high-quality financial news and analysis.