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Long Term Care Insurance Rates

Long term care insurance rates are made up of a variety of factors and help determine how much you will pay for long term care insurance. Rates are set by underwriters who have studied trends relevant to long term care insurance and these rates vary from company to company.

To learn about the relevance of long term care insurance rates in the cost you will pay for this type of coverage, use the online quote tool above. It will use your time effectively and provide you with prices from several top insurers, based on long term care insurance rates each have set for you.

 

Factors Studied In Setting Long Term Care Insurance Rates

Each company in the marketplace sets its long term care insurance rates based on statistics, history and trends in health and health care. A company has underwriters whose primary job is to analyze claims and determine whether or not a person is a good risk - meaning it is unlikely the company will have to pay claims - or a bad risk.

  • Health- If your health is poor, you may be turned down for long term care insurance or pre-existing conditions may be excluded from your coverage for a period of time. It may also be suggested that you make lifestyle changes or wait a period of time before applying for long term care insurance again.

  • Age - The younger you are, the lower your rates will be. The probability of needing to use long term care increases as we age and consequently so do rates.

  • Prior Hospitalizations - If you have had any hospitalizations in the past year, be prepared for detailed questions about it, possibly an exclusionary period for anything that might arise related to it or even a suggestion to wait until a year has passed since the event.

  • Gender - Women generally face higher rates for long term care insurance rates than men, because they tend to live longer, putting them at higher risk for needing this type of care. Also, women are typically the caregivers who take care of their husbands when they need long term care, thus fewer men are institutionalized or need home care.

 

Long Term Care Insurance Rates: When You Don't Meet The Criteria

Sometimes people are just not acceptable risks to the insurance company. In these cases, underwriters will reject their application. There are times when even the worst rating will not cover the risk. Amongst the reasons people are turned down for long term care insurance are:

  • If he or she has already been diagnosed with Alzheimer's, Parkinson's, metastatic cancer, AIDS, Multiple Sclerosis or other degenerative disease that will end in needing long term care.

  • Being unable to perform any of the activities of daily living: getting dressed, using the restroom unattended, eating, transferring from a sitting or lying position to standing, bathing or walking.

  • If he or she has had a stroke in the past 2 years.

  • If he or she is currently using some type of long term care.

 

Customized Quotes On Long Term Care Insurance Rates

Now that you have good understanding of long term care insurance rates, you are ready to move onto the next step, getting price quotes, so you can compare coverage, cost and benefits. To get quotes from several top long term care insurance providers, simply return to the free quote tool above, input your zip code and answer a few questions. In no time you'll have a variety of quotes to compare and contrast.

How to Find the Best Long Term Care Insurance Rate