Long term care insurance - What does it cost?


 
Compare with other types of health insurance:


You're probably looking for an exact dollar amount for how much the insurance premium will be if you were to buy long term care insurance. Unfortunately we can't narrow it down that easily. Each person applying for long term care insurance insurance coverage is evaluated individually and the amount they pay is based on a number of factors. What we can do is give you a few ballpark examples so you can be informed as you take your research to the next level.

With the purchase of a long term care insurance plan that has: The following people will pay the corresponding amount:
  • lifetime payment of premiums
  • $500/week benefit
  • 250 weeks of benefit duration
  • 90-day waiting period
  • no inflation protection, no 'return of premium on death'
  • 40-year-old male $37.89/month
  • 35-year-old female $38.16/month
  • 55-year-old male $74.16 month
  • 60-year-old female $141.35/month

 

The high cost of long-term care service  
Accommodation in a long term care facility, depending on the room type, care, facilities and so on, and the level of government funding available in your province. $800 to over $5,000 a month*
Homemaking and personal care $15 to $25 an hour
Nursing care $25 and $65 an hour

* Care service costs vary widely by location, even within provinces. The costs listed above were compiled by Sun Life Financial, 2007.