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Follow on Google News | Long Term Care Insurance Costs For California ReportedA 55-year old California resident could expect to pay approximately $1,200 a year for a basic long-term care insurance plan according to a report by the American Association for Long-Term Care Insurance.
“People have no idea what long term care insurance costs or that policy costs can vary widely from one insurer to the next," says Jesse Slome, executive director of the Los Angeles-based American Association for Long-Term Care Insurance. The national trade group researched policy costs for a range of options. "A plan of coverage that provides roughly $164,000 is what we term a good base plan of coverage," Slome explains. "For many people it will be sufficient to pay for care especially when they augment the insurance benefit payments with some of their own dollars, just as we do when we co-pay for some of our health care costs today." For a 55-year-old California healthy individual a base plan of long term care insurance would cost $1,200 a year the Association reports. The organization factored in the good health discount available from most insurers and included benefits that would pay for either care in one's own home or in a skilled nursing facility. The organization's study revealed that for a nominal additional cost, an option allowing the policyholder to increase benefits at future dates without having to meet health qualifications could be a smart move. "The Future Purchase Option allows an individual to lock in their health so that they can add to their coverage even if their health has changed in future years," Slome notes. The typical 55-year-old in California would pay roughly $145 a year additionally for this option. Long term care insurance http://www.aaltci.org/ "Individuals today have a wide range of options and it is really important to work with a knowledgeable specialist who doesn't just pull a solution off the shelf but helps you tailor your plan and costs to your real risk and budget," Slome concludes. "In addition, our studies have found that rates for virtually identical coverage can cost up to 40-to-60 percent more depending on which insurer the agent recommends. It really pays to compare." Established in 1998 as a non-profit trade group, the American Association for Long Term Care Insurance advocates for the importance of planning for long term care and supports insurance and financial professionals who market LTC insurance. To learn more about long term care insurance costs call the organization’ http://www.aaltci.org/ End
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