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Costs of service

Prices on policies can differ depending on many factors. If you buy long-term care insurance at an early age, Waggamon said, the price could be much lower than at 60 or 70 years old. You can also choose the amount of the policy you are purchasing: You can purchase some long-term care policies for as little as $2,000 to $3,000 total.

Average prices for cancer insurance float around $500 to $520 in annual premiums, said Luke Warren, product manager for cancer insurance at AFLAC. However, that price differs from state to state and policy to policy.

When considering these policies, it is a fine idea to know precisely what the benefits are. Hudson said some policies begin paying right away after illness or admission to a nursing home, where some policies require a deductible or a waiting period before payments.

With long-term care policies, Waggamon said it is also vital to consider the policy's language. The more flexible the language of the policy, she said, the more probable your needs will be taken care of in the future.



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