2022 Long-Term Care Insurance Price Index Released by AALTCI

Los Angeles, CA January 07, 2022 --(PR.com)-- The annual price index for new long-term care insurance policies was published today by the American Association for Long-Term Care Insurance (AALTCI).

“Prices for new long-term care insurance have remained stable,” reports Jesse Slome, AALTCI’s director. The annual report analyzes various standard policy levels for individuals who are ages 55, 60 and 65.

According to the 2022 Long-Term Care Insurance Price Index a traditional policy valued at $165,000 in benefits can cost $950 annually for a 55-year-old male. The equivalent coverage for a 55-year-old woman is $1,500.

“The index looks at policy costs available to the largest number of prospective individuals,” Slome explains. “There definitely were options that could cost significantly more but that dissuades consumers from considering this important protection,” Slome adds. The policy cost analysis found that costs between average and highest available policies could range from20 to 50 percent.

“Prices for traditional long-term care insurance remained stable to last year for a number of reasons,” cites Slome. “Insurers committed to the market have experience when evaluating the factors that go into pricing this insurance.” Today, policies tend to limit the level of protection available with consumers willing to assume some of the financial responsibility the long-term care insurance expert adds.

“In addition, investment returns have remained relatively stable,” Slome adds. Insurers depend on investing collected premiums. “Premiums paid by policyholders only account for part of the dollars that insurers accumulate to pay future anticipated claims,” he notes.

The 2022 Long-Term Care Insurance Price Index reported that a couple both age 65 could expect to pay $3,750 combined. The two policies could provide each with $165,000 of future benefits. Adding an option that increased future benefits by three percent annually would cost the couple almost twice as much ($7,150 combined).

The 2022 Long-Term Care Insurance Price Index data can be accessed on the Association’s website. The report compares costs for traditional long-term care insurance as compared to linked benefit options. To access, go to www.aaltci.org/LTCFacts-2022.

The American Association for Long-Term Care Insurance advocates for the importance of long-term care planning. The organization connects consumers with knowledgeable professionals who are independent advisors. These specialists can provide information along with long-term care insurance quotes and policy comparisons for both traditional and linked benefit long-term care insurance options. Visit the website for more information at www.aaltci.org.

Contact Information:
American Association for Medicare Supplement Insurance Jesse Slome 818-597-3205
Contact via Email
www.aaltci.org

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