Long term care insurance cost is an essential consideration when purchasing a policy. Long term care policies cover an array of long-term care needs such as home health aides, nursing homes and other options – helping consumers avoid having to tap savings or other assets for such care services.

Cost of long-term care insurance depends on age, gender and policy type purchased. Finding an appropriate policy early can lower overall premium costs. Understanding how costs are determined for this kind of cover is also key for finding competitive rates and finding affordable policies.

Age is one of the major factors in determining how much long-term care insurance costs. As your age increases, so will your premium; insurers need to cover more potential claims with each policy sold and have greater incentive for premium increases over time.

Other factors affecting the cost of long-term care insurance policies include an individual’s health, family history and marital status. Couples may benefit from purchasing policies to cover both spouses – this will lower total policy cost significantly – while some companies provide shared benefit policies which allow one spouse to use some of the benefits while the other continues receiving payments; this helps offset some of the expense for couples that might require care together.

Considerations should also be given to whether the policy offers level benefits that remain the same over its lifespan, or has built-in growth rates to keep pace with inflation. Most policies provide both options; the cost of an annual growth policy will likely be greater.

State is another key factor when it comes to long-term care insurance costs. Policies governed by state insurance departments vary significantly in their approval processes for products; any variations between states could increase costs.

As you shop for long-term care insurance, it’s helpful to collect quotes from several insurers offering similar coverage. In addition, it is crucial that you look closely at their financial strength ratings, customer service reviews and National Association of Insurance Commissioners complaint indices when choosing your policy provider – for best results select an insurer with an A+ (Superior) rating from AM Best and low NAIC complaint index rating as this will guarantee you get the most cost effective policy rate possible.