The cost of a long-term care insurance policy is based upon several factors:
- your age at the time you apply for the policy,
- the benefits you choose for your policy,
- your premium payment option (e.g. 10-pay, “pay to age 65”, lifetime pay)
- your state of residence,
- whether you live alone or with a spouse, partner, or other family member,
- and your health history.
Your health history determines your “underwriting class”. Most long-term care insurance policies have 3 different “underwriting classes”: Preferred, Standard, and Substandard.
Preferred Health Discounts are usually 10% to 15%, but can be as high as 35% with some long-term care policies.
The better your health history, the lower your premium.