You can pay $700 annually for a quality long-term care insurance policy. You also can pay $7,000 a year. You have many choices in designing your desired plan.

People mistakenly believe that long-term care insurance costs thousands of dollars. But a significant number of people today pay between $15 and $20 a week for this protection. That’s a highly affordable way to protect $150,000 to $250,000 of future care.

What you pay for long-term care insurance is based on a mix of things you can control and those you cannot. A new report by a national trade organization, the American Association for Long-Term Care Insurance, provides insights that help individuals pay less for long-term care insurance. These include:

• Leverage your good health – Insurers require that you meet certain health qualifications to obtain coverage. Discounts are provided to those in good health, and 62 percent of applicants between ages 40 to 49 qualified. The percentage drops to 46 percent for ages 50 to 59 and only 38 percent for ages 60 to 69. Once obtained, the preferred health discount is not lost when your health changes.
• Mind your birthday – Rates for this insurance are age-based and priced to remain level. Costs will increase each year you wait to apply, generally about 8 percent annually for each year you delay.
• Right-size your coverage – Some long-term care insurance always is better than none. Factor in other sources of income such as Social Security, pension and 401(k) plans that can pay costs that allow you to add money-saving options such as a 90-day deductible or consider a limited-pay plan with a “shared care” option that allows two spouses to share a common benefit pool.
• Compare coverage – Each insurer establishes its own rates, health standards and discounts. As a result, virtually equal protection from two highly rated insurers can vary by 30 percent to 80 percent. Ask your insurance professional if he or she has access to policies from multiple insurers.
• Check insurer ratings – While some individuals start to use their long-term care insurance within a year or two of purchasing coverage, most will not need benefits for many years. It is vital to select a company with good ratings to ensure it has the financial strength to be there when you need the benefits.
• Work with an expert – The best way to reduce the cost of long-term care insurance is by working with a knowledgeable professional.

Bob Land is president of Landmark Financial Services LLC in Rocky Mount.