Most Americans significantly overestimate the cost of long-term care insurance, according to InsuranceQuotes.com, predicting the average annual premium for a healthy 55-year-old couple to cost $7,000 per year or more. According to the American Association for Long-Term Care Insurance, the actual cost is $2,700 per year.
“Long-term care insurance can be a critically important part of a long-term financial plan, but only if people take the time to explore different options and get educated about what makes sense for them,” said John Egan, editor in chief, InsuranceQuotes.com.
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