AARP Long Term Care Insurance: 2016 Update

AARP has been an advocate of Long Term Care Insurance and has some excellent coverage on the topic on their site.  If you’re looking for AARP’s LTC insurance rates, however, read on…

As of 2015, AARP was still without an endorsed policy option, but in 2016 that changed.  In years past, the AARP Long Term Care Insurance plan was one of the premium LTC policies on the market.  AARP-endorsed plans always had competitive rates and have traditionally included extra bells and whistles.  AARP endorses top-quality companies in all of its products, ranging from travel to insurance to cell phone plans.

In late 2013, AARP’s marketing agreement with Genworth Long Term Care ceased to exist, leaving AARP members with the freedom to not select from just one carrier, but from many plans on the competitive market.

× 2016 Update: AARP now endorses a product from NY Life.

Save Money by Comparing Long Term Care Rate Plans

Like virtually any insurance plan, the key is to compare plans from various carriers, and we built the comparison market just for that purpose.  By viewing competing premiums from the major A+ rated “blue chip” insurance companies side-by-side, you are quickly able to find the nexus of value and company strength.  By that we mean it may be worth paying a bit more if you are able to buy coverage from a financially-superior insurance plan.

In the past, AARP endorsed MetLife LTC plans, then moved to Genworth after a few years, and now works with New York Life.  B

Sample AARP Long Term Care Insurance Premiums From The Past

We ran some historical rates of past AARP LTC policy forms.  Here are sample premiums for a $5,000/mo benefit, 5 years, with no automatic inflation protection, for a 60-year old single male:

AARP Flex Choice AARP Group Plan By Genworth AARP My Future My Plan 2011
$5,100/mo $6,000/mo $6,000/mo
5 Years 5 Years 5 Years
Guaranteed Purchase Option Purchase Option Inflation Future Purchase Option
$1,944.60/year premium $2,434.08/year premium $2,876.70/year premium
No other riders included No other riders included Included 0-day Home Care & 10y Survivorship.
*All of these polices have been withdrawn, the table is for historical comparisons.

As you can see, over the years and in subsequent generations of policies, the cost for coverage changed quite a bit for similar coverage.  This same coverage on a modern policy (2014) would start at around $2,596/year (less than the 2011 AARP rates).

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