compared to a year ago. However, rates for single men and women remained fairly level or, in some instances, actually declined compared to 2016.
A married couple both age 60 would pay $2,200 a year combined for a total of $328,000 of long-term care insurance coverage. This represents a 9 percent increase from 2016, when the association reported that a couple could expect to pay $2,010. Adding an inflation growth option that builds the couple’s benefit pool to a combined $660,000 by age 85 would cost an average of $3,790 a year, or 6 percent higher than last year.
Rates for single men and women remained fairly level or, in some instances, went down from the prior year. A single man can expect to pay an average of $1,050 a year for $164,000 worth of coverage, a 3 percent increase over last year, although the same policy with inflation protection is now actually 20 percent cheaper, at $1,665 a year. The same two policies for single women average $1,600 and $2,600 a year, respectively, essentially the same as 2016.
The cost for virtually identical policy coverage varies significantly from one insurer to the next. Rates may vary by as much as 70 percent for the same coverage. For example, a 55-year-old single woman could pay as little as $1,450 a year or as much as $2,650, depending on which insurer she buys from. It’s important to shop around and do your research before you buy.