Purchasing long term care takes into account two factors assuming your healthy: your state of residence and how much to incorporate “health care” inflation into the future cost of elder care. Health care inflation is neither the government inflation nor cost of living; it is the real present cost of care over the last five years and projected into the future. You want to purchase enough with an inflation rider to come close to your projected costs.
The statistics seem to suggest that senior couples will spend $250,000 in medical and extended care throughout their retirement. If those stats are correct, the pros of owning a long term care insurance policy is having those cost paid by the insurance company. You should apply no later than age 60 or earlier if you have a predisposition for critical or chronic illness in your family. Purchasing long term care with maximum benefits and an inflation rider placing two lives on one policy to receive a discount could run a nonsmoking 60 year old couple in good health around $300 a month.
The amount of monthly or daily benefit that you buy in long term care insurance depends on assets that you have to go towards long term care insurance costs and the rates at long term care facilities in your area.
You can get a good idea of average rates by contacting a few facilities to know roughly what they charge in your area.
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You can get a good idea of average rates by contacting a few facilities to know roughly what they charge in your area.