More Commonly asked Long-Term Care Insurance Questions
Q: What is the cost of long-term care insurance?
Premiums depend on the age of the applicant as well as medical condition. A mostly healthy 50-year-old may be able to purchase a contract worth $300,000 for less than $250 a month for a traditional style contract. Hybrid policy’s premiums have a wide range of payment options as the contract can be set up to be ‘paid up’ in a specific period.
Q. When will my coverage expire?
Your coverage does not expire unless you exhaust your total coverage or choose to terminate your plan. For example, you may need long term care for six months and use up $60,000 of your $300,000 of long-term care money and then recover to normal activities. You would still have $240,000 for use in the future.