Long term care insurance can provide protection from the high costs of long-term care, but its cost can depend on various factors – policy type, coverage level and location can all have an effect on its total price.

Typically, when purchasing long term care insurance as a younger individual, your annual or monthly premiums will typically be less. This is due to having better health conditions that reduces your chance of needing long term care services in later life. As we age however, costs for long term care increase as insurers take on risk that you might need to make a claim and need them reimbursed from premium payments made over time.

Your desired benefits have a tremendous effect on the cost of long term care insurance policy. As expected, higher benefit amounts mean higher policy costs. Many policies offer inflation protection, which increases benefits over time to keep pace with rising costs; many experts advise adding this feature. You also have control over whether to choose simple or compounded inflation protection; both options will have different costs impacts that will influence policy costs differently.

Your marital status and current health will have an effect on the cost of long term care insurance. Married individuals tend to pay less than single applicants; furthermore, people in better health tend to pay less than those with serious illnesses.

Your state can also play a factor in your long term care insurance costs, due to its regulations of long term care insurance companies. Many states mandate that insurers file policies with their state insurance department prior to selling them to residents; this allows the state to ensure uniform quality policies across the nation.

When purchasing long term care insurance policies, it is crucial that you work with an experienced agent who can explain the costs involved and give advice. Review all options to see whether traditional policies fit within your budget while hybrid universal life policies offer additional financial benefits while covering long term care.

Though you will most likely pay higher premiums, hybrid universal life insurance policies allow for easy purchase without medical exams and discounted rates based on factors like your age, gender, marital status, health history and other criteria. If you are healthy enough, hybrid universal policies could be an ideal way to supplement long-term care insurance costs and help maintain independence into the future.