Individuals purchasing long-term care insurance paid as little as a few hundred dollars to as much as $13,000 a year according to a new report from the American Association for Long-Term Care Insurance.

“People are misled by reports that reflect high average costs for long-term care insurance,” explains Jesse Slome, executive director of the industry trade group. “Averages do not reflect what many people pay for this important protection.”

According to the new study buyers between ages 50 and 54 paid as little as $694 per-year, to as much as $9,650. The average paid was $2,236.   The range for buyers between ages 55 and 59 went from $794 a year to $8,824 per year. Most buyers today are in their 50s and young 60s the Association notes. 

The average age for new long-term care insurance buyers is 57 explains Ernie Bobel, Principal Advisor and Educator of EHB Insurance Group located in Scottsdale, Arizona. “If you wait until age 65, you’ll pay quite a bit more for this coverage and may not be able to health qualify,” Bobel adds.

The study reported a range in costs for those between 65 and 69 from a low of $1,434 to a high of $7,466. The average cost was $3,815. The highest costs were paid by individuals age 75 or older with costs ranging from $6,733 a year to $13,039 per year.

 “Most insurers today offer significant ways to reduce the cost of long-term care insurance,” explains Bobel. Good health and spousal or partner discounts are relatively common but can vary from one insurer to another. “Each insurer sets their own rates and these can vary by 40-to-80 percent for virtually identical coverage,” Bobel notes. “It pays to speak with a knowledgeable professional.”

 To learn more about ways to reduce the cost for long-term care insurance or to obtain a no obligation quote, contact Ernie Bobel at EHB Insurance Group by calling 602.617.4770 / 877.441.4714. Or visit the EHB Insurance Group website .

 Bobel is a member of the American Association for Long-Term Care Insurance the national organization for leading insurance and financial professionals committed to educating consumers on the importance of planning.