2023 Linked Benefit Long-Term Care Insurance Prices Up To 15% Lower
The Californer/10232598

LOS ANGELES - Californer -- Good news for consumers considering long-term care insurance protection. Costs for linked benefit long-term care policies are generally between 10 and 15 percent lower than a year ago according to the annual price index released today by the American Association for Long-Term Care Insurance (AALTCI).

"When interest rates rise insurers are in a better position to charge less," explains Jesse Slome, director of the organization.  "Costs for linked-benefit long-term care insurance policies are definitely lower. With more insurers now offering this attractive form of protection, comparing before buying is more important than ever."

According to the annual analysis, a 55-year-old male purchasing $165,000 of immediate benefits could expect to pay $900 a year for a traditional long-term care insurance policy. "Traditional LTC remains the most cost-efficient way to insure yourself because the policy does only one thing; pay for qualifying long-term care," Slome explains. Rates for traditional LTC in 2023 are also slightly lower than the prior year.

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"Linked-benefit or hybrid long-term care insurance policies are different in nature," Slome notes. "We strive to give as close to an apples-to-apples comparison so consumers can better understand the contrast."

The 2023 Long-Term Care Insurance Price Index reports that a male age 55 would pay $3,930 yearly for a policy providing a pool of $180,000 long-term care benefits. This represents a 15 percent decrease from the prior year reports AALTCI.

"People like the fact that linked-benefit LTC policies do double-duty, providing a life insurance death benefit if no long-term care is needed."  For the policy used to compare, the minimum death benefit is $120,000, Slome notes.

The Association reports available costs for men, women and couples at ages 55, 60 and 65. "Price declines ranged but generally were in the 10-to-15 percent range. "That's good news for consumers who are between ages 55 and 65, the prime age to undertake this important planning," Slome adds.

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To see the 2023 Long-Term Care Insurance Price Index information for traditional LTCi policies, go to https://www.aaltci.org/long-term-care-insurance/learning-center/ltcfacts-2023.php. The organization will add comparisons for linked benefit policies later this month.

The American Association for Long-Term Care Insurance (AALTCI) advocates for the importance of long-term care planning. Since 1998 AALTCI has supported insurance professionals who market both traditional and hybrid long-term care solutions.  To access information, go to https://www.aaltci.org or call the organization at 818-597-3227.