Long term care insurance should be an integral component of your overall financial plan, yet many people remain unaware of its high cost. Policy costs depend on various factors including age and health status as well as coverage options and coverage amounts; shorter benefit period policies or hybrid policies may help save money, as will comparison shopping to find one that meets both needs and budget.

Stand-alone long term care policies tend to be more cost-effective than hybrid or life insurance-based policies, which combine long term care benefits with a death benefit for your heirs. While such policies offer attractive options, it is wise to factor in potential future price increases when making this decision; costs associated with long term care policies often fluctuate even after they’ve been purchased.

Inflation can have a dramatic impact on the cost of long term care insurance policies, so many policies offer an inflation rider to keep your benefits current with actual costs. The additional cost typically ranges between 3-5% of premium cost – making this an invaluable way to make sure that when the time comes to use your policy it will still be up-to-date.

Consideration should also be given to the cost of care in your region when choosing long term care insurance policy. As costs can differ significantly between states and regions, using an online resource like Genworth’s Cost of Care Calculator may help give a sense of what current long term care costs might be in your region.

One key consideration when purchasing long term care policy is the elimination period. This period defines how long you must pay before the policy will begin covering services; typically this ranges between 30 and 90 days depending on your type of policy choice. Although no waiting period policies exist, doing so would increase premium costs accordingly.

Length of Coverage in Case You Tap Benefits [Three Year Period versus Lifetime Benefit] [Save Money by Opting For Shorter Benefit Period or Daily Limit (Limiting Premium Cost)

Shopping around is key when calculating long term care insurance costs, since different companies will offer various rates and coverage options that may impact your final decision. Be sure to compare quotes before selecting one; long term policies depend on factors like age, gender and health issues as well as any additional riders you select; always consult a financial professional about your individual needs before selecting any policy plan.