June 03, 2015
It seems strange to pay for something you might not use, especially if it’s an expensive purchase. Long-term-care insurance is no exception.
A traditional policy would cost a 55-year-old woman $1,390 per year for $164,000 worth of benefits; a 55-year-old man would pay $1,060, according to the American Association for Long-Term Care Insurance’s 2015 price index. That may be why less than 5 million people held long-term-care insurance policies in 2013, according to research published by the Insurance Information Institute.