Age and health affect your long term care insurance premium
When trying to find the best long term care insurance premium, it’s advantageous to act sooner rather than later. The cost of your long term care insurance premium is largely a factor of your health and your age at the time you apply. Buying insurance when you are younger and healthier means you’re likely to get a lower rate on your long term care insurance premium.
But addressing your long term care insurance needs sooner offers more than just a break on your premium. By putting insurance in place now, you can protect yourself and your assets in the event that an injury or illness would require you to seek long term care at an early age. As the long term care costs can be high – currently as much as $85,775 for a private room at a nursing home* -- having insurance now means you can minimize the financial exposure that long term care represents.
For help selecting from long term care insurance plans and making your long term care insurance premium work with your budget and financial plan, turn to the financial professionals at John Hancock.
Find the right long term care insurance premium at John Hancock
John Hancock provides innovative insurance products for long term care. With a variety of plans and optional features that help customize policies to your needs, John Hancock can help you settle on a long term care insurance premium that fits with your budget and your financial plan. Your premium at John Hancock will pay for the insurance to help cover all types of long term care – from custodial care that provides assistance with daily tasks to skilled care such as physical, occupational and respiratory therapy. With a John Hancock insurance policy, you are helping to minimize your financial exposure, protect the wealth you have built for your family’s financial future, and ensure that you will not become a burden on your loved ones.
Long term care factors influencing your insurance premium
Several decisions impact your long term care rate for your premium:
- Where will you receive care? Cost of care varies by region. Having an idea about where you might retire or need care can affect your long term care premium.
- How long will you need care? While the average duration of long term care is three years,** you may decide to purchase more or less coverage based on your family health history.
- Your age and health.
Learn more now about a long term care insurance premium from John Hancock and get more long term care insurance information about long term care insurance costs with a guide to long term care insurance.
* Based on John Hancock's Cost of Care Survey, conducted by LifePlans, Inc., 2011.
** Center for Retirement Research at Boston College, “How Can We Improve Long-Term Care Financing,” June 2008.