The cost of long-term care insurance policies took another leap this year, increasing by 6 percent to 9 percent for most people, according to an industry group.
The only exception is coverage for a single male, which remained steady or in a few cases declined, according to the American Association for Long-Term Care Insurance.
"A typical couple where both spouses are age 60 will pay between $100 and $150 a month each for long-term care insurance protection," said Jesse Slome, director of the association, which released its insurance price index Friday.
The costs of long-term care insurance vary depending on the coverage provided and vary widely between companies, Slome said. Basic coverage provides benefits for up to 360 days with a benefit pool that increases each year as the policy holder ages.
"For many individuals who ultimately need long-term care, this is going to be sufficient or good coverage, and it's certainly going to be far more affordable," Slome added. Forty-one percent of long-term care insurance claims end within one year.
The exception to the rising cost is for single males, where rates dropped by as much as 20 percent in some instances, Slome said. A single male, age 55, can anticipate paying between $90 and $150 per-month for long-term care insurance available from some of the leading insurers.
Rates for identical policies offered by different carriers can vary by as much as 70 percent this year. In 2016, the spread between the most and least expensive identical policies from different companies was 94 percent.