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How much does long-term care insurance cost for a 75 year-old?

Long-term care insurance can be expensive at 75, but there are ways to cut that cost.  Maskot / Getty Images

Long-term care insurance is an important consideration as you plan for retirement. Many Americans over 65 will need some form of care - whether it be in a nursing home, assisted care facility or in-home. Long-term care insurance can help you pay the bill when that need arises. 

But what if you're already 75 years-old? Sure, long-term care insurance premiums are cheaper when you're younger, but are they so cost prohibitive that they're not worth it when you're that age? Below, we'll break down exactly how much long-term care insurance can cost for a 75 year-old.

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How much does long-term care insurance cost for a 75 year-old?

"The amount and type of coverage you need will depend on a variety of factors, including where you prefer to receive care, the role family may play in providing care, and whether you live or are planning to move to a location that offers a state-level LTC program," explains Jeff Beligotti, vice president and head of long-term care solutions at New York Life. 

A 75 year-old male would pay an annual premium of about $4,052.36 for $165,000 in level long-term care benefits with New York Life. A female would pay about $5,456.03 for the same coverage. That figures assumes the client is married with a spouse who's also purchasing coverage, they pay annual premiums, they're healthy and that the policy comes with a $4,500 maximum monthly benefit and 90-day elimination period. If any of these factors differ than the premium will also adjust. 

"Women often pay more because they are more likely to claim benefits eventually," explains Larry Nisenson, CGO at Assured Allies, a financial planning and insurance company that serves seniors. 

The American Association for Long-Term Care (AALTC) breaks the premium difference between men and women down further. The AALTC says, "women live longer than men. Women have higher rates of disability and chronic health problems. Thus, women are far more likely to need long-term care." 

Then again, it may be difficult to qualify for a stand alone long-term care insurance policy at 75 regardless of your sex. Long-term care insurance cost estimates for a 75 year-old are based on "the assumption they can find coverage at that age which isn't something to be taken lightly," says Nisenson. "For those who are either too unhealthy or old to purchase stand-alone long-term care insurance, there are other options, some of which are guaranteed issue from a medical underwriting standpoint." 

It's also worth noting that your premiums may be vastly different from another 75 year-old's pricing. "I can't tell you how much your LTC coverage will cost you because it depends on too many factors," explains Ramona Neal, president of Living Benefit Review, LLC and educational partner for Certification for Long-Term Care. "But what I can tell you is this, if you reach out to an insurance professional that has their CLTC designation, they can help you navigate the options you choose."

Nonetheless, time is of the essence. "Please hurry up because you will never be younger than you are today… And while it's a blessing to have reached the golden age of 75 - you will also likely never be any healthier than you are today either," says Neal. 

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How to cut the cost of long-term care insurance at 75

Long-term care insurance can be costly at age 75, but there are a few ways you may be able to cut that cost, including:

Don't wait any longer

Long-term care insurance premiums typically rise with age. So, the more you delay coverage, the more you'll likely pay. Though you should give yourself a day or two to compare and understand your options, it's likely best to start shopping for long-term care insurance right now. 

Compare your options

There are several insurance companies that offer long-term care insurance. So, compare at least a few leading providers to ensure that you're getting the best possible price. 

Consider coverage amounts 

Your coverage amount directly affects your premiums. Keep in mind that your long-term care insurance policy probably doesn't need to cover 100% of your care, particularly if you have Social Security and retirement income you can use to pay for a portion of your care. So, consider all sources of income and how long-term care insurance may supplement that income (rather than replacing it) when you determine how much coverage you need. 

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The bottom line

The premiums for long-term care benefits for a 75 year-old vary based on a wide range of factors. Nonetheless, if you want the best premiums possible, it's important to shop for long-term care insurance now. When you do, compare your options and pay close attention to your coverage amounts to make sure you get the most reasonable pricing. 

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