By - Stouffer Legal
The American Association for Long-Term Care Insurance publishes an annual report titled "Long-Term Care Insurance Price Index". The latest report shows that long-term care insurance premiums increased between 6 and 9 percent over the last year.
An individual male can expect to pay an average of $1,050 a year for $164,000 worth of coverage and an individual female can expect to pay an average $1,600 for that same coverage.
But the association points out in its report that costs for virtually identical policy coverage still varies significantly from one insurer to the next. Its analysis found rates varied 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.
Doing your research pays off when it comes to long-term care insurance. Making sure your insurance needs are adequately met is part of a comprehensive estate plan. For more information on creating a comprehensive estate plan, please call (443) 470-3599 today and schedule a consultation with one of our experienced Maryland Estate Planning Attorneys to learn more about Estate or Elder Law and how we can help you.
