Long Term Care Insurance Quotes for 20 to 29 Years Old (2021)

Purchasing a long-term care insurance plan is the best way to prepare for different services not covered by regular health insurance. Waiting until you need the care to apply for coverage is impossible since you will not get approved if you are currently in need. That is why it is so important to begin planning for your future now with a long-term care insurance plan for ages 20 to 29.

Sample Long-Term Care Rates for Age 20 to 29

Below are sample quotes for the age range of 20, 21, 22, 23, 24, 25, 26, 27, 28 to 29. These are just average quotes, along with the amount you pay will vary widely depending on your age, marital status, which insurance provider you have, and which coverage option you choose.

Sample Long Term Care Quotes for Single Individuals Aged 20 to 29

If you are married, your premium will be less than the single rate.

How much is long term care insurance for a 20 year old?

*Rates are monthly premiums are estimates only and are not to be considered an offer of coverage.  Rates change by health, exact age, gender (for some companies), and state of residence.

Sample Long Term Care Quotes for  Married Individuals Aged 20 to 29

Same as above, all rates below assume a healthy individual using a 3-year benefit period, a 90-day elimination period, and a benefit that grows 5% compounding for inflation. *Please see the disclosure below.

How much is long term care insurance for a 25 year old?

*Rates are monthly premiums are estimates only and are not to be considered an offer of coverage.  Rates change by health, exact age, gender (for some companies), and state of residence.

Some Common Long-Term Care Options For 25 Year Old's Are:

1. Benefit period - this is how long the insurance company will pay for your long-term care should you need it.
2. Maximum Benefits - This is the maximum amount that your insurance will pay out over time.
3. Inflation protection - This increases the amount that the insurance will pay out overtime to keep up with the cost of inflation.
4. Elimination Period - This is how long you have to wait for your insurance to begin paying once you start a long-term care service.

Ways to Reduce Your Long Term Care Premium For Ages 20 to 29

Since you are still young, between 20, 25 and 29, you might not want to pay an extremely high premium like someone in their 60s would consider. Here are some options for reducing your long-term care premium while still having coverage when the time comes.

How to lower the cost of long term care insurance for a 20 year old?

Remove the 5% Compound Inflation

Compound inflation, or insurance inflation protection, is where your benefits increase each year to keep up with inflation. This means that every 15 years, your benefits will double. If a facility charges one price for care now, when you are 25, in 15 years, it will likely be twice that price, so your benefits will keep up with that.

You can simply choose to remove this inflation cost and not pay the extra. Another option would be to select a simple interest rather than a compound interest, but not all providers have that option. 

Extend the Elimination Period

The elimination period is the length of time you have to cover the cost of the services before your insurance begins paying it for you. Different providers have different lengths of time available, from 90 days to a year or more. 

For example, if you are 25, you likely do not need care so that you will pay a lower premium now, but when you do need care, you will have to cover the first 90 days (or however long you choose) out of pocket before the insurance will begin paying. 

How to lower the cost of long term care insurance for a 25 year old?

Reduce the Benefit Period

With each insurance provider, you can choose how long they will pay for your long-term care. This is considered the benefit period. 

If you select a five-year plan, for example, you will be paying much higher premiums now as a 25-year-old than if you go with a 2-year plan. That will save you money in your 20s, but it will not last as long when you do need long-term care. 

Final Thoughts

Long-term care is something that most people will need at some point in their lives, whether it is in their home, a nursing home, an assisted living home, an adult daycare, or more.

 Beginning to plan for the financial burden of long-term care now will save you sweat and money down the line. Research different available insurance plans and find the best one for your needs, keeping in mind the inflation costs, benefit periods, and elimination periods.