A: All long-term care insurance premiums are determined by your age, health, gender and the features selected in the policy. The four main policy features that determine the premium are: The daily/monthly benefit (the amount of money the policy will pay each day/month); the length of coverage (the amount of time you can receive benefits); the elimination (waiting) period (the number of days you pay out-of pocket before the policy begins paying); and the inflation factor (a rider that increases your daily/monthly benefit to keep pace with rising costs). Your current and expected household income and asset, as well as the cost of care in your geographic area, will help determine the amount and duration of each feature.