Long term care insurance costs can vary depending on several factors. These factors include the age at which you purchase the policy, the amount of coverage you choose, the length of the benefit period, the elimination period, and your health condition at the time of application. According to the American Association for Long-Term Care Insurance, the average annual premium for a 55-year-old individual is around $2,050. However, it's important to note that this is just an average and the actual cost can be higher or lower based on individual circumstances. It's recommended to get quotes from multiple insurance providers to compare costs and coverage options. Additionally, some states offer partnership programs that allow individuals to protect their assets while qualifying for Medicaid if they exhaust their long term care insurance benefits. It's advisable to consult with a licensed insurance agent or financial advisor to determine the best long term care insurance policy for your specific needs and budget.