Posted by (American Life Insurance Guide News) On January 2019, 1, the American Long-term Care Insurance Association (AALTCI) released the 7 Long-term care insurancePrice index report1. AALTCI counts the price index of long-term care insurance services in the U.S. market over the years and provides them to consumers as a reference for long-term care planning.The report shows that the overall long-term care insurance premiums in 2019 have slightly increased compared with the previous year.
In 2019, for American men, the average annual premiumUp 9.6% , For U.S. female policyholders, the average annual premiumDown by 8.9%.American men in separateLong-term careIn terms of insurance, they have been paying less premiums than American women. This situation will continue in 2019, but this difference is gradually narrowing.
Comparing the data in 2018, for 55-year-old men, the annual average premium has risen by 12%, and for 55-year-old women, the annual premium has risen by 14%.
Women's long-term care insurance costs after old age are higher than men's
The report shows that American women’s long-term care insurance premiums are significantly higher than those of American men insured.Comparing the age of insurance with reference to 55 years of age, American female policyholders pay an average of $150 more than male policyholders in the United States each year.
The following is the specific data table:
Single male 55 years old (3-year protection plan) |
|
| Initial guaranteed fund pool amount* | $16,4000 (Increase at a compound interest rate of 3% per year) |
| Amount of protection at age 80 | $333,000 |
| Amount of protection at age 85 | $386,500 |
| 2019 average premium | $2,050 |
| Compare 2018 average premium | $1,870 |
Single female 55 years old (3-year protection plan) |
|
| Initial guaranteed fund pool amount* | $16,4000 (Increase at a compound interest rate of 3% per year) |
| Amount of protection at age 80 | $333,000 |
| Amount of protection at age 85 | $386,500 |
| 2019 average premium | $2,700 |
| Compare 2018 average premium | $2,965 |
Both spouses are 55 years old (3 years protection plan per person) |
|
| Initial guaranteed fund pool amount* | $16,4250 /person (Increase at a compound interest rate of 3% per year) |
| Amount of protection at age 80 | $333,000 /person |
| Amount of protection at age 85 | $386,500 /person |
| 2019 average premium | $3,050 (family discount) |
What is long-term care insurance?
Long-term care insurance isProvided for insured persons who need long-term care due to old age, illness or disabilityNursing service feeCompensated health insurance.This is an insurance product that mainly covers the expenses of professional nursing, home nursing and other related services for the elderly.
What does it mean to protect the pool of funds?
As the policyholder, the "protection fund pool" is the total amount you get from the insurance company to pay for medical expenses.
The amount in the "pool" is usually determined when you first apply for the insurance. The method is to first select the amount of care protection you want to use for each month, multiply it by the number of years you want the protection to last, and then multiply it by 12 months/year.
for example:Suppose that at the time of initial application, you chose a monthly benefit of $5000 and a coverage period of 5 years.We take 5000 USD/month as the unit, multiply by x 60 months (the number of months in 5 years), then the benefit pool of your long-term care insurance is $30.
The cost of long-term care for the elderly
You can click to viewAmerican Life InsuranceGuide column: "Insurance Science: The Cost of Long-term Care in the United States"Learn more about the current status of long-term care in the United States, costs, descriptions of insurance types, and how to settle claims.
(American Life Insurance GuideNet report)
appendix:
01. “2019 Long-Term Care Insurance Price Index Released”, 01.07.2019, Press Release, http://www.aaltci.org/news/long-term-care-insurance-association-news/2019-long-term -care-insurance-price-index-released
