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There is no single factor that can be attributed to the cost of care neither is there any for long term care insurance premiums by state.


The costs of long term care (LTC) and long term care insurance (LTCI) policies are practically based on a similar set of determinants such as the population of a state Cheap Zay Jones Jersey , age of policyholders and the level of care that they require. Accessibility to LTC facilities is also a major consideration for the cost of care as this would affect one’s LTCI premium subsequently.


Wyoming, for instance, has a small population and its senior citizens are naturally lesser in number compared to those of other U.S. states. This explains why its cost of care is smaller than that of its neighboring states in the western region.


Nursing homes in Wyoming have an average annual cost of $74,000 so it’s not surprising that some residents in this state prefer partial coverage over full coverage from their LTCI policies to cut back on their premiums. Financial advisers say LTCI is ideally for individuals earning $75,000 or more annually as there is no doubt that they can manage to maintain their annual premiums and pay a small percentage of their LTC expenses out-of-pocket.


Meanwhile Cheap Tre'Davious White Jersey , residents of Alaska who are thinking of buying LTCI policies should be prepared to pay higher premiums as the costs of nursing homes, community-based care, and in-home care in their place are twice the rates of other states.


Alaska’s elderly population is very big and they require a higher level of care but institutional LTC facilities are inaccessible by land. Patients have to be traveled on a chopper just to get to the nearest nursing home and thus the high cost of care in this state.


Long Term Care Insurance Premiums by State


Insurance companies marketing LTCI policies vary in terms of underwriting but they follow certain rules that are considered the industry’s staples. For example, a high maximum daily benefit amount would subject the policyholder to a higher annual premium. Shorter benefit periods would mean a lower premium for the policyholder. Younger buyers of an LTCI policy can enjoy the privilege of paying lower premium rates while those who wait till they’re 60, 65 or 75 before clinching a policy will most likely fork out thousands every year for their LTCI coverage.


Those are just among the common characteristics that you will notice among LTCI companies. When it comes to the benefit triggers these companies differ Cheap Tremaine Edmunds Jersey , so when shopping for a policy you have to pay close attention to the fine print as this bears the provision of each company.


Some people think that the premium of their policy increases as they age but this is contrary to the truth. Your premium will only increase if your insurer had requested a premium increase for an entire class of policyholders, of which you happen to be part, and received approval from the state’s insurance commissioner.


To better understand the computation of long term care insurance premiums by state, it is best to contact the state’s insurance commissioner. Better yet, consult a licensed LTCI agent in your area who is affiliated with major LTCI carriers that have branch offices nationwide.




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