How Much Does A Long Term Care Insurance Policy Cost? 
We 've entered into a new phase of the development for covering the risk of having to pay for long-term care costs and therefore , a new phase of designing coverage . The consumer does n't have to pay a fortune for at least some coverage , but expectations over how much risk one can afford to transfer to an insurance company may require some reality therapy.A base plan for a couple can cost around $ 3,000 - $ 5,000 per year depending on age . The design is simple : a fixed pool of money with as much access to it -LRB- maximum daily or monthly benefit -RRB- that one can afford . There is no accommodation for inflation and no riders , except perhaps the `` monthly home care '' rider which if not part of the contract should be added . It does n't cost much as a rider . The pool should be around $ 300,000 , if possible.A value plan for a couple can cost between $ 5,000 and $ 7,000 per year . The design includes the lowest cost inflation rider , monthly home care rider -LRB- if not included in the base plan -RRB- and maybe survivor waiver of premium . The pool of money to pay care costs and daily/monthly access to it should be as much as can reasonably afforded.A premium plan -LRB- which we used to illustrate routinely five years ago -RRB- for a couple can run from $ 9,000 - $ 14,000 / yr . depending on which combination of bells and whistles you want and can afford . This design would include one of the automatic annual 5 % compounded or simple benefit increase riders . Available riders could include shared-care , spousal waiver of premium , 0-day elimination for home care , non-forfeiture rider , and/or return of premium . Other riders , depending on the carrier , may be available . NOTE : This design is most likely to experience in force premium increases over time due to the uncapped benefit increase rider.For a single person , drop the above range of numbers down $ 1,000 for the base plan , $ 2,000 for the value plan , and $ 3,000 - $ 4,000 for the premium plan.These are all VERY ROUND numbers . The point is that columns and articles in the press recently have only looked at the old way of thinking about long-term care . It 's pointless to dredge up old statements by insurance companies which at the time reflected their ignorance of a -RRB- how many people would actually use their policies , b -RRB- how many would keep them in force if premiums rose - the lapse ratio is 1-2 % , about the lowest in the insurance industry - adjusting their benefits to stay in the game , and c -RRB- how few people would buy long-term care insurance - the percentage of Americans owning their own coverage is about 7-8 % and holding.The probability of needing to pay for some or all of the costs of extended professional care at home or in a facility is still relatively high as we live longer , but not necessarily better . No LTC insurance policy can promise to pay all care costs , but is anyone going to be turn away a payment from an insurance company that covers half of those costs?Some coverage is better than none . 