How Much Does Long-Term Care Insurance Cost?

On average, long-term care insurance costs between $950 and $7,225, depending on what type of policy you purchase and when you purchase it. The amount of your premium will vary because of factors like your age, gender, marital status, overall health and your insurance carrier’s policies.

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    Lindsey Crossmier

    Lindsey Crossmier

    Financial Writer

    Lindsey Crossmier is an accomplished writer with experience working for The Florida Review and Bookstar PR. As a financial writer, she covers annuities, structured settlements and other personal finance topics for Annuity.org.

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    Lamia Chowdhury
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    Financial Editor

    Lamia Chowdhury is a financial editor at Annuity.org. Lamia carries an extensive skillset in the content marketing field, and her work as a copywriter spans industries as diverse as finance, health care, travel and restaurants.

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    Daniel J. Adams, MBA, CFP®, CLU®
    Daniel J Adams, Annuity.org reviewer

    Daniel J. Adams, MBA, CFP®, CLU®

    Founder and President of CEG Life Insurance Services

    As the founder of CEG Life Insurance Services, Daniel J. Adams has extensive experience with life and health insurance products. Daniel assists clients in building a secure financial future as a Certified Financial Planner™ professional and independent insurance agent. He also trains new agents and advises other financial professionals.

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  • Updated: June 11, 2024
  • 4 min read time
  • This page features 4 Cited Research Articles

Key Takeaways

  • Long-term care premiums have a wide price range.
  • Women typically pay more for long-term care insurance than men.
  • Couples can buy combined premiums at a slightly discounted rate.
  • Your age, health and insurance carrier policies will also impact the cost of your premiums.

Average Long-Term Care Insurance Costs

The cost of your long-term care policy will vary depending on several factors, including the type of policy you buy and whether or not you want to add an inflation rider or other optional benefits to your policy. 

Also, women typically pay more than men for the same coverage, in part because women tend to live longer than men. However, married couples usually get discounts for combined policies. 

Long-term care premiums have a wide price range, from $950 to $7,225 for individuals. 

Statistically speaking, most people will need some type of long-term care at some point in their life. As such, it is important to plan early as to when you will purchase long-term care insurance based on your age, finances, and personal and family health history.

Single Policyholders

Average premiums can differ due to age, gender, inflation riders, and other factors. Below are examples of long-term care insurance average premiums in 2024, with an initial policy benefit that equals $165,000. 

2024 Average Range of Annual Premiums for Single Men

Age Average Annual Premium With 5% Inflation Growth
55 $950 $3,690
60 $1,200 $3,800
65 $1,700 $4,200
Source: American Association for Long-Term Care Insurance

On average, single women will pay higher premiums than men for the same amount of coverage. 

2024 Average Range of Annual Premiums for Single Women

Age Average Range  With 5% Inflation Growth
55 $1,500 $6,400
60  $1,900  $6,700
65 $2,700  $7,225
Source: American Association for Long-Term Care Insurance

Married Policyholders

Couples can pool their money and buy a combined premium, which can cost less than two individual policies. Below is an average range of annual premiums for couples in 2024, with an initial policy benefit that equals $165,000.

2024 Average Range of Annual Premiums for Couples

Age  Average Range  With 5% Inflation Growth
55 $2,080 combined $8,575 combined
60  $2,600 combined $8,700 combined
65 $3,750 combined $9,675 combined
Source: American Association for Long-Term Care Insurance

Factors That Impact the Cost of Long-Term Insurance

Several factors will have an impact on long-term care insurance premiums.

Age

The older you are when you purchase long-term care insurance, the more expensive your premiums will be. It might make sense to buy your long-term care insurance earlier in life. However, the earlier you purchase, the longer you’re paying into something you may not benefit from or access until later in life.

Gender

Women pay more for long-term care insurance than men. On average, women outlive men by five years, which means they are more likely to require long-term care for a few more years than men.

Health 

Your family’s health history will also come into consideration. The better your overall health, the lower your premium will be. If you have been diagnosed with a serious degenerative condition, like Alzheimer’s, you may be unable to purchase long-term care insurance.

Insurance Carrier Policies

Every insurance provider has its own policies and rates. As with other types of insurance, it can be beneficial to get multiple quotes or work with a trusted insurance broker. Be sure to explore different options and providers when looking to buy long-term care insurance.

Marital Status

Single people pay more for long-term care insurance. Married couples can apply for individual policies or a joint policy, which can provide both spouses with coverage at a potentially lower cost.

How To Pay for Long-Term Care Insurance

Paying for long-term care can be tricky in retirement when your income is fixed, but there are strategies that can help.

Potential Ways To Support Long-Term Care Insurance Payments

Annuities
An annuity can provide a guaranteed source of retirement income, which will offset the cost of long-term care insurance premiums.
Long-term care rider
You can also add a long-term care rider to your annuity or life insurance policy to help cover long-term care expenses.
Health Savings Account (HSA)
The tax-deferred money in your HSA is specifically for health-related expenses, including expenses relating to long-term care.

Frequently Asked Questions About Long-Term Care Insurance

When should you buy long-term care insurance?

The earlier you buy long-term care insurance, the less your premiums will cost, but buying too early means you’ll pay premiums for many years before accessing benefits. It also depends on your personal situation. If you’re fairly young, in good health, and don’t have significant negative family medical history, consider waiting to purchase long-term care insurance. If you’re young with poor health or a family history of poor health, or if you are over 50 without a policy, consider purchasing long-term care insurance sooner rather than later.

Are long-term care insurance premiums tax-deductible?

Yes, up to a certain point. In 2024, the deduction limits for long-term care insurance have changed. Individuals aged 51-60 can now deduct up to $1,760; those aged 61-70 can deduct $4,710 and people aged 71+ can deduct $5,880.

Do costs vary across types of long-term care insurance?

Very much so. While insurance carriers can add services and riders to their long-term care packages, there are two basic types of long-term care insurance policies. Traditional policies cover care at home as well as in assisted living, retirement or nursing home facilities. Hybrid policies cover that care and can also provide additional benefits. As such, hybrid policies are typically more expensive.

Editor Samantha Connell contributed to this article.

Please seek the advice of a qualified professional before making financial decisions.
Last Modified: June 11, 2024