Long term care insurance premiums are expensive. A typical policy will cost between $1,500 and $3,000 per year depending on your age, health and the type of policy you purchase. So is it better to save your money and remain uninsured?

The average cost of a nursing home is now $74k per year nationally1, with an average stay of 2.8 years. That over $207,000 today and LTC costs are rising every year. According to the MetLife Mature Market Institute the average daily rate of a private nursing home room rose 17.5% in 2005.

For most people, the answer is obvious. A controlled annual premium is preferable to the unpredictable and potentially devastating costs of long term care.

An insurance agent can help you find a policy that’s both affordable and represents the best value for someone of your age and situation.

1. MetLife Mature Market Institute