Long Term (not So Rare) Care

What is the average premium for a company to charge for a client. I know it ranges from person to person but generally speaking what is the average?
 
originally posted by newguy23

What is the average premium for a company to charge for a client. I know it ranges from person to person but generally speaking what is the average?

It's very difficult to come up with an average premium. Every company offers a different policy with different benefits, they all charge different premiums and they all look at medical conditions differently as well.

Preferred for one company can be standard for another (and visa versa).

It depends on age at application and it also depends on benefits selected. With some carriers, spousal/partner discounts run from 20%-40%. Some carriers are planning to charge females 20%-30% more than men.

Nursing homes run from $75,000-$150,000 per year throughout the country so it depends on where your client lives, or is going to live.

For the exact same benefits & age, premiums can vary by 50%-75% depending upon the company.

The best way to do this is to get appointed with a few carriers and run some proposals to compare rates.
 
What is the average premium for a company to charge for a client. I know it ranges from person to person but generally speaking what is the average?

Newguy, This might be a backward way to answer your question, but what I see a lot is consumers WANT their premium to be within $2000-$3000 per person.

So to get where a consumer wants to be an indy agent might use 4% or 5% inflation on the relatively inexpensive policies like Genworth or Omaha policy; a John Hancock agent might scale back benefits to only include CPI inflation. A State Farm agent might use simple inflation instead if compound to get its policy in a buyable range. A Northwestern agent might not recommend ANY inflation, i.e. purchase option. Anyway, this is what I see happening. Maybe Scott, Arthur or Bill can chime in.

Long Term Care Insurance Quotes, Reviews, Ratings & Costs - LTC Partner
 
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Newguy, This might be a backward way to answer your question, but what I see a lot is consumers WANT their premium to be within $2000-$3000 per person.

So to get where a consumer wants to be an indy agent might use 4% or 5% inflation on the relatively inexpensive policies like Genworth or Omaha policy; a John Hancock agent might scale back benefits to only include CPI inflation. A State Farm agent might use simple inflation instead if compound to get its policy in a buyable range. A Northwestern agent might not recommend ANY inflation, i.e. purchase option. Anyway, this is what I see happening. Maybe Scott, Arthur or Bill can chime in.

Long Term Care Insurance Quotes, Reviews, Ratings & Costs - LTC Partner

I see the same thing. Partnership and cash plans have so many advantages and yet clients tend to gravitate towards "light" plans. It's not always a bad deal...after all, some coverage is still better than none.
 
I see the same thing. Partnership and cash plans have so many advantages and yet clients tend to gravitate towards "light" plans. It's not always a bad deal...after all, some coverage is still better than none.

Could you tell me what a "light plan" is? Thank you.
 
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