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2007 Long-Term Care Insurance Price Index Announced
A 55-year-old individual considering long-term care insurance protection can expect to pay $665 a year if they are married or $1,075 if they are single according to the 2007 Long-Term Care Insurance Price Index, an annual report from the American Association for Long-Term Care Insurance, an industry group.
A 65-year-old purchasing comparable coverage will pay $1,292 (married) or $1,923 (single) according to the report,. Costs are roughly the same as the prior year, the Association said.
The annual index measures current costs for top-selling long-term care insurance policies that offer the ability to receive care either at home or in a skilled care facility. The index compares costs for plans that provide benefits for 3 years, which increasingly is accepted by industry experts as a basic level of protection for many, according to the Association. The study priced plans that provide $110,000 or $172,000 in current protection ($100/day and $150/day for 3 years) for someone age 55. Benefits increase at five percent compounded annually.
For the complete 2007 price survey, click on the "Document Source" link below.
Document Source: LTC price index 2007.doc