Search Articles

Find Attorneys

Retired Couples Will Need Average of $85,000 for Long-Term Care Insurance Premiums

  • June 26th, 2008

A 65-year-old couple today will need $85,000 on average to cover annual premiums for long-term care insurance, according to a new study by the financial services firm Fidelity Investments.

To come up with the estimate, Fidelity surveyed insurers offering long-term care policies, which cover visits by caregivers or stays in a nursing home. The study supplements a survey the company completed in March 2008 estimating a couple retiring this year would need $225,000 in savings to cover total medical costs in retirement. The costs for long-term care insurance are in addition to the $225,000.

About 5 million Americans have long-term care insurance, a number that has not increased much over the last decade, said Joan Bloom, senior vice president for Fidelity's life insurance group, which distributes long-term care insurance issued by an unaffiliated firm, Genworth Financial.

Bloom said people should consider buying long-term care insurance in their 50s because policies generally cost less the earlier they are purchased.

For an Associated Press article on Fidelity's study, click here.

Local Elder Law Attorneys in Ashburn, VA

John Laster

Law Offices of John L. Laster
Falls Church, VA

Judith Mitnick

Needham Mitnick & Pollack, PLC
Falls Church, VA

Evan Farr

Farr Law Firm
Fairfax, VA


Last Modified: 06/26/2008

Medicaid Rules, etc

View All Elder Law Topics Questions & Answers State Medicaid Information