Page 47 - Growing Old Without a Plan for Long Term Care is not for Sissies_Neat

Ok, I Get it Now, But What Does it Cost? 29 Chapter 5 Ok, I Get it Now, But What Does it Cost? hen I talk with people about Long Term Care Insurance, one Wof the frst things they ask is: “What does it cost?” As much as I would love to be able to give them a quick and easy answer, in reality that question is a lot like asking “What does a car cost?” Of course the answer to that question is that it depends on the year, make, model, features, options, etc. In other words, until you pick out exactly what kind of car you want, no one can tell you what it costs. That’s essentially the way it is with Long Term Care Insurance. Each policy is different and there are several things that can affect your premium, as you have already learned. Among them are: age, health, beneft amount, beneft period, elimination period, infation protection, built in features, and options. Let’s look at each of these briefy. Age: With Long Term Care Insurance, the younger you are when you purchase your policy, the lower your premium. For example, it is possible for the same plan to cost twice as much for a 65 year old as it does for a 50 year old. Once you have purchased a plan, rates do not go up each year just because you are older. Health: Unfortunately, not everyone can qualify for Long Term Care Insurance due to current or past health conditions. For those who can qualify, the premiums will vary depending on the potential