The price of long-term care coverage keeps drifting upward, and it's catching even careful budgeters off guard.
According to the American Association for Long-Term Care Insurance, a 60-year-old couple can now expect to pay roughly $3,800 to $5,000 a year combined for a policy with meaningful benefits — and that's before any future rate hikes.
A single 60-year-old man might pay around $1,500 to $2,200 annually, while a woman the same age could face $2,500 to $3,700.
Insurers price women higher because they tend to live longer and file more claims.
That gap alone surprises plenty of shoppers.
Where you live matters almost as much as your age.
Rates in states with higher care costs, like Connecticut or Massachusetts, run well above the national average.
In cheaper markets, the same policy can cost hundreds less per year.
Many older policies included rate-increase provisions, and carriers have used them.
Some longtime policyholders have watched premiums jump 50% or more over a decade, forcing hard choices about whether to keep paying or walk away.
Newer policies try to avoid that trap by pricing in future increases up front.
The trade-off is a higher starting premium.
Buyers now face a real fork: pay more today for stability, or start lower and hope the rate holds.
Choosing a longer waiting period before benefits kick in — say 90 days instead of 30 — lowers premiums noticeably.
So does sharing care with a spouse through a joint policy, or opting for a smaller daily benefit.
Some shoppers pair a modest policy with savings earmarked for care, rather than buying a Cadillac plan.
Others look at hybrid life-and-care products that lock in premiums but tie up a lump sum.
Each route has trade-offs worth running past a fee-only advisor.
Waiting until 70 or 75 can double the annual cost compared with buying at 55 or 60 — if you still qualify.
Health changes in between can close the door entirely.
It also helps to compare at least three carriers and check each one's rate-increase history, not just the quoted price.
A cheap policy from an insurer with a pattern of big hikes may cost more over 20 years than a pricier one that stays steady.
Our take: long-term care coverage isn't right for every household, but ignoring the cost question until your late 60s usually means paying more or going without.
Final Thoughts
Start pricing policies in your mid-50s while you're still healthy, and treat any quote as a starting point, not a final number.