The average long-term care insurance policy now runs a 60-year-old couple roughly $3,800 a year, according to the American Association for Long-Term Care Insurance, and that number keeps drifting upward as insurers reprice older blocks of coverage.
For a single 60-year-old man, expect about $1,700 annually.
A woman the same age pays closer to $2,700, mostly because women tend to live longer and file more claims.
Wait until 65 and those figures jump noticeably.
The sticker shock gets worse if you're already collecting Social Security.
Couples in their mid-60s are often quoted $5,000 or more per year for a policy with meaningful benefits.
Insurers badly misjudged how long people would live, how long they'd need care, and how low interest rates would sit for a decade.
Many carriers exited the market entirely, leaving fewer choices and higher prices for the ones still writing policies.
What you actually get for that money varies wildly.
A typical policy might cover $150,000 to $200,000 in total benefits, pay a set daily amount like $150 or $200, and last three to five years.
Genworth's annual Cost of Care survey puts a private nursing home room above $100,000 a year, so a three-year policy won't cover everything.
These combine life insurance with a long-term care rider, so if you never need care, your heirs still get a death benefit.
They usually require a single upfront payment or a short series of premiums, often $50,000 to $100,000 total.
Some employers offer group long-term care coverage at lower rates.
A few states are rolling out payroll-funded programs, though Washington's has already been trimmed back.
And simply earmarking savings for future care remains the default plan for many households.
How much does the daily payout actually cover in your area?
And can the insurer raise your premium later?
Also check whether the policy pays for home care, adult day care, and assisted living, not just nursing homes.
Most people strongly prefer to age at home, and home care is usually the cheapest setting anyway.
If someone calls claiming you must buy coverage to qualify for Medicare or Medicaid, hang up.
Medicare covers almost no long-term care, and Medicaid only kicks in after you've spent down most of your assets.
One more thing worth knowing: many policies now come with a cash-back option that returns part of your premiums if you cancel.
It lowers your benefit, but it softens the blow if you change your mind.
The bottom line is that long-term care insurance is neither a slam dunk nor a rip-off.
It's a math problem that depends on your health, your savings, and whether you have family nearby who could help.
Get quotes from at least three carriers, and consider talking to a fee-only financial planner before signing anything.
Our take: for households with $500,000 or more in retirement assets and no obvious family caregiver, a policy can be a reasonable hedge against a very expensive tail risk.
Final Thoughts
For everyone else, boosting savings and talking honestly with family about care plans may stretch further than a premium check.