Retired Senior Woman Having Health Check With Nurse At HomeOn average, long-term care premiums are decreasing for men and increasing for women, according to a study by the American Association for Long-Term Care Insurance, an industry trade group.

For instance, a healthy 55-year-old man can expect to pay an average of $1,015 annually for a new policy offering $164,000 in long-term care benefits, which is down 4.2 percent from last year, according to the group.

But for a woman in the same situation, the average premium would be $1,490 – an increase of 7.2 percent over last year.

The difference reflects the fact that, statistically, women are more likely than men to incur significant long-term care expenses.

Rates for policies covering married couples are declining. For example, if a married couple who are both age 60 buy a policy this year covering $328,000 of long-term care, the average premium will be $2,010 – down 7.5 percent from last year. If the couple elects an inflation growth option that will build their benefit pool to a combined $730,000 at age 85, it will cost an average of $3,560 a year, which is 9.4 percent lower than last year.

The study considered policies in Tennessee, which the trade group considers a representative state. However, rates in other states may vary somewhat.

Finally, the group notes that there is a wide range of premiums, such that some companies charge well above the average while others charge considerably less. So it is worth the effort to shop around.

If you are trying to decide with long term care policy is right for you or your spouse, Yorkway Law can help!