Whenever you catch yourself asking how much does long term care insurance cost, shift to the question – what will I possibly need in the future, health care-wise?

That is to avoid confusion because most people think it is the insurance company that decides solely on the price of their long term care insurance policies. It is actually the opposite for it is the policy buyers themselves who actually determine how much dollars to spend for their coverage.

Insurance companies that sell LTCI policies have underwriters that simply determine the eligibility of individuals who want to receive coverage, but they are not the ones who decide on the amount of premiums that consumers should pay.

Underwriters simply inspect the medical conditions of their LTCI applicants because if they will simply accept everybody who is seeking coverage, including those who are in the third or fourth stage of an illness, it would be absolutely impossible for any company to pay out benefits. This is the reason that middle-class Americans are constantly advised to buy their policies while they are still young and healthy.

Professionals in the LTCI field have been constantly advising young people to request LTCI quotes first before purchasing a policy. By gathering LTCI quotes and comparing the offerings of each insurance company, consumers will be able to identify the type of coverage that will suit their LTC needs. In addition, it will be easier for them to figure out to what extent they have to spend on their annual premiums.

How Much Does Long Term Care Insurance Cost?

Dr. Marion Somers, elder care specialist and book author, said a person who wants to receive LTCI coverage will pay what he negotiates for. Simply put, if one applies for a policy while his health is still in perfect condition he has absolute freedom to dictate what goes into his coverage.

For example, a 45-year-old who gets to lock in the preferred health discount only pays a little over $1,500 each year for his policy that stipulates a maximum daily benefit amount of $150 and a three-year benefit period. Meanwhile, a 75-year-old who goes for exactly the same type of coverage pays an annual premium exceeding $5,000.

Anyone who buys his LTCI policy past the age of 65 should expect to pay a premium that is much higher than what policyholders in their 40s and 50s are maintaining every year, as he is likely to require higher levels of care sooner than the younger ones.

Since this generation is expected to live longer, its members should start looking at their LTCI options because their chances of requiring LTC are definitely high. LTCI is an important investment and all types of investments require time to grow.

Waiting for an event to trigger your need for LTC before asking an expert how much does long term care insurance cost won’t get you anywhere. You are only willfully subjecting yourself to frustration as you are likely to be declined by insurance companies. If you want to know how much you need to spend for a policy, start inquiring today.

Author's Bio: 

Talk to a financial advisor regarding long term care planning. Visit our website to get tips on how to select and compare long term care quotes.