Do you think the premiums for Long Term Care insurance (LTCi [1]) are expensive?  Have you heard people say this?  Phyllis Shelton of LTC consultants gives facts about the current average LTCi [1] premiums and the current costs of long-term care.

Take the group plan for state of Tennessee employees, for example.

A 50-year-old can get a $200 daily benefit to cover today’s cost of care with either a 3-year benefit period or a 5-year benefit period for only $159.14 a month or $224.26 a month respectively. If a spouse is also issued, the premium is reduced 10% for both the employee and the spouse and paying annually instead of monthly will reduce it an additional 8%. So now we’re at $1,591 for the 3-year benefit period and $2,242 for the 5-year benefit period.

Sound like a lot? Here’s the value proposition: The premium for the 3-year plan will cost $47,730 over 30 years and the premium for the 5-year plan will cost $67,260. At 5% compound, the daily benefit will be $823.23 in 30 years, which means the benefit pool for the 3-year plan will be $901,433 and the benefit pool for the 5-year plan will be $1,577,508.

It can be difficult to put a number in an insurance quote into perspective.  The bottom line is that your LTCi [1] premium will not be expensive compared to the costs you would pay for long-term care, and your peace of mind is priceless.

Click the source link below to read the full article.