Long-Term Care Insurance Costs by Age at 60, 70 and 75
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Long-Term Care Insurance Costs by Age: Key Takeaways
- At age 60, long-term care insurance costs typically range from $1,200 to $3,700 per year
- When you turn 70, premiums rise significantly, usually ranging from $2,075 to $6,600 annually
- Once you reach 75, costs become steeper due to increased age-related risk, ranging from $3,600 to $12,375 per year
Long-term care affects nearly every family. Sooner or later, many of us will help an aging parent, spouse, or friend transition from living independently to needing hands-on support.
And we’re not just caregivers; we’re future care recipients, too.
According to the American Council of Life Insurers, nearly 70% of people turning 65 today will require some form of long-term care later in life.
Understanding what long-term care involves and its costs is essential for protecting both your loved ones and your own future.
In this article, we will:
- Break down long-term care insurance costs by age
- Explore the top factors that influence long-term care insurance costs
- Introduce how Always Best Care can support your elderly loved one’s needs
Long-Term Care Insurance Costs by Age
The biggest barrier to buying long-term care insurance, for both retirees and those planning for retirement, is the cost of premiums.
In 2024, the American Association for Long-Term Care Insurance (AALTCI) published data on how long-term care insurance costs vary by age, outlined below:
How Much Is Long-Term Care Insurance Costs for 60-Year-Olds?
At age 60, long-term care insurance premiums are relatively affordable compared to later years.
For men, the cost typically falls between $1,200 and $2,175 per year. Women usually pay a bit more, around $1,925 to $3,700 annually.
For couples, a combined policy might range from $2,550 to $4,675 a year.
How Much Is Long-Term Care Insurance for 70-Year-Olds?
At 70, the cost of long-term care insurance starts to go up quite a bit.
Men usually pay between $2,075 and $4,515 a year, while women might see premiums ranging from $3,600 to $6,600.
For couples, a joint policy could cost anywhere from $4,675 to $8,575 annually.
While it’s still possible to get good coverage at this age, it comes at a noticeably higher price.
How Much Is Long-Term Care Insurance for a 75-Year-Old?
By age 75, long-term care insurance premiums become steep.
For men, annual costs often fall between $3,600 and $7,825, while women can expect to pay $6,600 to $12,375.
Couples looking for a joint policy might pay anywhere from $8,575 to $16,075 per year.
While coverage is still an option at this age, it’s considerably more expensive, and the choices might be more limited.
| Age | Single Male | Single Female | Couple (Combined Policy) |
| 60 | $1,200 – $2,175/year | $1,925 – $3,700/year | $2,550 – $4,675/year |
| 70 | $2,075 – $4,515/year | $3,600 – $6,600/year | $4,675 – $8,575/year |
| 75 | $3,600 – $7,825/year | $6,600 – $12,375/year | $8,575 – $16,075/year |
Factors That Impact Your Long-Term Care Insurance Costs
Curious why premiums vary so much? Here’s what really drives the cost.
1. Age
Like most types of insurance, your age plays a big role in how much you’ll pay for long-term care coverage.
The younger you are when you buy a policy, the lower your premiums are likely to be.
Most experts recommend purchasing between ages 50 and 65, when rates are more affordable, and your health profile is stronger.
2. Health
Your health plays a major role in whether you qualify for long-term care insurance and how much you’ll pay.
Insurers typically ask about your medical history, current conditions and medications and might also inquire about your family’s health background.
If you have existing health issues, they might request access to your medical records, including:
- Lab test results
- Medication lists
- Hospitalization or surgical history
- Diagnostic imaging reports like X-rays and MRIs
To put it simply, a less favorable health profile can result in higher premiums or even a denial of coverage.
3. Gender
Women often pay more for long-term care insurance, as they tend to live longer than men, an edge partly linked to estrogen’s role in lowering harmful cholesterol and protecting against heart disease.
4. Location
Where you live affects your premium because insurers base rates on local long-term care costs, which vary widely by region.
5. Elimination Period
The elimination period is the waiting time between when you start receiving care and when your benefits kick in.
Common periods are 30, 60, or 90 days.
Shorter elimination periods cost more, as the insurer starts paying sooner. Longer waiting periods reduce your premium but increase your upfront financial risk.
6. Benefit Amount
Policies specify a daily maximum payout, typically ranging from $50 to $500. Higher daily benefits mean higher premiums.
If your daily limit is too low, you’ll have to cover the shortfall out of pocket. Research local care costs to choose an appropriate benefit level.
7. Benefit Duration
Your policy might cover care for a set number of years or for life. Longer benefit durations come with significantly higher premiums. Decide on a term that balances your potential needs with your budget.
8. Inflation Protection
Inflation protection increases your payout over time to keep up with rising care costs. While this feature raises your premium, it can be a valuable safeguard against future inflation.
How To Choose the Right Long-Term Care Insurance Policy
There’s no one-size-fits-all policy, but following these steps can help you make an informed choice.
1. Think About Your Future Needs
Start by reflecting on your health today and what might lie ahead.
Consider your family’s medical history and if there’s a higher chance you’ll need care down the road.
While it’s tempting to assume loved ones will be there to help, caregiving is often a major emotional and financial strain.
In fact, it’s normal for people to worry about becoming a burden to their family as they age.
2. Compare Coverage and Care Options
Not all policies cover the same types of care.
Think about where you’d want to receive help — at home, in an assisted living facility, or in a nursing home — and look for a policy that supports your preferences.
Some plans might limit services or settings, so it’s essential to align the policy with what you’re most likely to need.
3. Weigh the Costs and Benefits
Look closely at the premiums, how long benefits will last, and how much the policy will pay out daily or monthly.
Inflation protection is a key feature to look for, as it ensures your benefits increase over time as care becomes more expensive.
Hybrid policies, those combining life insurance or annuities with long-term care benefits, can offer guaranteed premiums, which means your rate stays the same while your coverage grows.
4. Get Multiple Quotes
Prices can vary widely from one insurer to another, even for similar coverage.
A financial advisor can help you compare options tailored to your goals, but you can also contact your state’s insurance department for a list of approved providers in your area.
5. Check the Insurance Company’s Reputation
Before signing anything, dig into the company’s financial strength.
You’ll want a provider that will still be around decades from now, especially when it’s time to file a claim.
6. Understand Key Policy Features
Every policy has details that can make a big difference. Look for:
- Elimination periods (the waiting period before benefits kick in)
- Guaranteed renewability (so your coverage can’t be canceled if your health changes)
- Nonforfeiture options (to retain some value if you cancel the policy)
7. Read the Fine Print Carefully
Take the time to review all terms, conditions, and exclusions.
You’ll want to be confident about what’s covered, what’s not, and under what circumstances benefits will be paid.
The fine print often covers clauses about how and when your benefits are paid, any limits on coverage, waiting periods before benefits kick in, and whether your premiums could increase over time.
Find Expert Senior Care at Always Best Care
When planning for retirement, most people focus on saving enough to replace lost income.
However, you might be healthy now, but if you someday need help with daily activities, long-term care, at home or in a facility, can be costly.
Long-term care insurance helps cover those expenses, protecting your finances and providing peace of mind in retirement.
At Always Best Care, we understand that the cost of long-term care can be a major concern.
That’s why we offer flexible, personalized care options, so you only pay for the level of support your loved one truly needs, whether it’s for a few hours, a week, or longer.
Our trained, compassionate caregivers deliver high-quality, in-home care that can be eligible for coverage under your long-term care insurance policy.
This helps you manage costs while ensuring your loved one receives safe, reliable care.
Long-Term Care Insurance Costs by Age: FAQs
When is the best time to buy long-term care insurance?
The best time to buy long-term care insurance is typically between the ages of 55 and 65.
Long-term care insurance premiums are based on your age and health at the time you apply. As you get older, the cost of coverage increases significantly, sometimes by thousands of dollars per year.
The risk of developing health issues could also disqualify you from coverage and rise with age.
Do you need long-term care insurance before you turn 60 years old?
You don’t have to buy before 60, but doing so in your 50s can save you money, give you more options, and offer peace of mind.
Why do women usually pay more for long-term care insurance?
Women tend to live longer than men and are more likely to need long-term care, which makes them a higher risk to insurers.
