Long-Term Care Costs Soar

Costs for new long-term care insurance jumped 8.6 percent on average compared to last year, a survey shows.

The coverage, which pays for nursing home or at-home care, now will cost a healthy 55-year-old man $1.060 per year, according to the 2015 Long Term Care Insurance Price Index.

The price is higher for women – $1,390 a year, according to the report posted on elderlawanswers.com.

Rates, however, vary significantly from insurer to insurer for identical benefits, the story says.

At the same time, the story says those with existing policies are seeing even greater increases in premiums, some up to 50 percent higher.

As a result, fewer people are buying policies or are buying policies with worse benefits, the story adds.

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