The average cost of long term care insurance can vary depending on several factors, including the individual's age, health condition, desired coverage amount, and the insurance company. According to a study conducted by the American Association for Long-Term Care Insurance (AALTCI) in 2020, the average annual premium for a 55-year-old individual purchasing a new long term care insurance policy was $2,050. However, it's important to note that premiums can range significantly, with some individuals paying less and others paying more based on their specific circumstances and coverage needs. Factors such as the type of policy (e.g., traditional or hybrid), elimination period, benefit period, and inflation protection can also impact the cost of long term care insurance. It's recommended to obtain quotes from multiple insurance providers and consult with a licensed insurance agent to get a more accurate estimate based on your specific situation. Please note that these figures are based on data from 2020, and the actual cost may have changed since then.