Long Term Care Insurance Quotes for 70 to 80 Years Old (2023)

Most people who require additional assistance tend to be in their 70s and older.

Read on to find out more about long-term care insurance quotes for 70, 71, 72, 73, 74, 75, 76, 77, 78, 79 to 80 years old and how to reduce your premiums.

Sample Long-Term Care Rates for Age 70 to 80

The best way to plan financially is to obtain sample long-term care rates in your age range.

Consider that rates vary depending on your state, age, health status, including other factors established by your company.

Assuming a 90-day elimination period, three-year benefit period, and five % compound inflation with no max, these are the long-term care insurance rates for single individuals between ages 70, 75 to 80:

Sample Long Term Care Quotes for Single Individuals Aged 70 to 80

How much is long term care insurance for a 70 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 70 to 80

Married couples see a significant reduction in rates. Using the same 90-day elimination period, three-year benefit period, and five % compound inflation with no max, these are the long-term rates for married individuals between 70 to 80:

How much is long term care insurance for a 75 year old?

*Please note that these quotes do not indicate actual coverage rates and may vary depending on a person’s exact age, state, and health status. Depending on the insurance company, they may require additional qualifications.

Some Common Long-Term Care Options For 75 Year Old's Are:

• The elimination period (waiting period)
• Inflation protection
• Max benefit (Payout cap)
• The benefit period

Ways to Reduce Your Long Term Care Premium for Age 70 to 80

This section covers three ways to reduce long-term care premiums for ages 70 to 80: removing the inflation option, extending the waiting period, and reducing the benefit period.

How to lower the cost of long term care insurance for a 70 year old?

Remove the 5% Compound Inflation

An excellent option for ages 70 to 80 to reduce their premium is to remove the five % compound inflation option.

The primary reason for the inflation protection is to double your benefit every 15 years.

For example, if you’re 70 right now, it may cost $7,000 per month to cover long-term care in your state. With the five % compound inflation, it can increase to 10,000 to 12,000 in ten years when you’re 80.

Instead, choose a simple interest option. Unfortunately, not all insurance companies offer this option.

How to lower the cost of long term care insurance for a 75 year old?

Extend the Elimination Period

The most commonly used waiting periods involve 90-days. It’s possible to extend your elimination period to six to 12 months. However, it is not an option suitable for everyone.

If you can withstand six to 12 months of assisted living or nursing home costs, this may be the right option for you.

For instance, if you are 75 today and your benefit period begins, you have 12 months until the payout starts. However, it would be best if you covered the costs 12 months before your coverage starts.

Reduce the Benefit Period

A great way to reduce your premium is to reduce your benefit period. Most benefit periods are three years. However, you can reduce it to two years or one year.

If you’re wondering why you’re allowed to reduce your benefit period—it helps insurance companies reduce their risk. As a perk, they reduce your premiums.

Let’s say you’re 75 today, and your benefit period begins. Instead of three years, you will receive a ten % premium reduction choosing two years or one.

Final Thoughts

It’s imperative to begin long-term care insurance in your 70s because insurance premiums increase with age as your health risk increases. Also, most nursing home claims are between ages 70, 75 to 80.

You are more likely to be rejected the longer you wait. Although, insurance companies are always willing to cover individuals and may offer accommodations.

Unfortunately, nothing is guaranteed. It would be best if you begin planning now to ensure you receive coverage.  

From the start, your insurance premiums will be the highest amongst the other age brackets. However, we’ve listed three ways to reduce your premiums which can be applied today.