Planning for retirement and deciding whether to buy long-term care insurance would be a lot easier if you knew your odds of needing long-term care, as well as at what age and for how long. Unfortunately, there’s no definite answer.
A healthy 55-year-old man can expect to pay $1,015 annually for a new policy offering $164,000 in current long-term care insurance benefits, according to the 2016 Long Term Care Insurance Price Index, an annual report from the American Association for Long-Term Care Insurance, an industry group. This amount is 4.2 percent lower than the 2015 figure of $1,060.
Millions of Americans rely on Social Security for some or all of their retirement income, and millions more are paying into the system in the expectation that it will be there for them when they retire.