2008 Long-Term Care Insurance Price Index Announced Individuals Able to Save On Protection

Irvine, CA (PressExposure) July 23, 2008 -- A 55-year-old individual considering long-term care insurance can expect to pay $709-per-year for a base level of protection if they are married or $1,095 if they are single according to the 2008 Long-Term Care Insurance Price Index published by the American Association for Long-Term Care Insurance. The industry organization noted that costs increased about four percent compared to the prior year's report.

The index measures current costs for top-selling long-term care insurance policies that offer consumers approximately $115,000 in current benefits, explains Dane A. Petchul CLTC, LTCP, Long-Term Care Specialist of Long Term Care Insurance Pros located in Irvine, CA. The value of that coverage grows to over $305,000 of protection in 20 years.

Many consumers mistakenly believe that long-term care insurance protection is costly, notes Petchul a member of the Association. They are not aware of discounts available that can significantly reduce the cost of coverage. A significant number of individuals who apply for long-term care insurance can qualify for good-health discounts that will reduce the annual cost by 10 percent or more. The savings are locked in even if the health of the individual changes at a future date.

In 2007, two-thirds of individuals who applied for coverage between the ages of 40 and 49 qualified for the preferred health discount according to Association research. The percentage reduced to 52 percent for ages 50 to 59 and just 24 percent for those who wait until they are 70 to apply, reports Petchul.

More Most leading long-term care insurance companies offer discounts to married couples when both spouses apply. Some will offer a discount even when only one spouse qualifies for protection, Petchul explains. The savings can be as much as 40 percent each year.

The following are average prices for a comprehensive long-term care insurance policy reported by the 2008 National Long-Term Care Insurance Price Index. All policies include an inflation protection option that increases the value of coverage by five percent compounded annually.

Age 55 Married $709-per year for a 3-year policy; $115,000 immediate benefit value ($305,000 value in 20 years) when the individual qualifies for both preferred health and spousal discounts.

Age 55 Single $1,095-per-year for identical coverage without the spousal discount.

Age 65 Married $2,013-per-year for a 3 year policy, $172,600 immediate benefit value ($458,000 value in 20 years) when the individual qualifies for both preferred health and spousal discounts.

Age 65 Single $1,999-per year for identical coverage without the spousal discount.

For additional information on long-term care financing & planning, contact Dane Petchul, CLTC, LTCP by calling 949-854-3001 or email at dane@LongTermCareInsurancePros.com.

About Long Term Care Insurance Pros

Visit http://www.LongTermCareInsurancePros.com or call 949-854-3001 or 877-GO-4-LTCi (464-5824)

Press Release Source: http://PressExposure.com/PR/Long_Term_Care_Insurance_Pros.html

Press Release Submitted On: July 22, 2008 at 6:13 pm
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