LOS ANGELES – Costs for long-term care insurance have risen about 2 percent compared to the prior year, according to a recent study.

On average, a 55-year-old individual considering long-term care insurance protection can expect to pay $723 per year for a base level of protection if married or $1,060 if single, according to the annual Long-Term Care Insurance Price Index.

The study, published by the American Association for Long-Term Care Insurance, measured costs for top selling long-term care insurance policies that provided approximately $115,000 in current benefits, with protection increasing yearly as the individual ages.

"A solid base plan of protection will grow in value to over $305,000 of protection 20 years from now," said Jesse Slome, executive director of the national trade organization that conducted the annual study.

For some age bands the cost of long-term care insurance experienced a 1 percent decline compared to the prior year, the study found. It also revealed a far wider range of prices between insurers offering basically the same coverage, Slome said.

According to the study, costs can vary by as much as 60 percent from one insurer to the next. Experts advise consumers to compare policies or work with a knowledgeable insurance professional with access to multiple insurers who can determine the most benefits for the lowest cost.

"The cost of long-term care insurance is directly related to how much protection you purchase, the age you first apply, your health at the time of application and assumptions that vary from one insurer to another," said Slome.

According to the association, more than half of all individual applicants are between 55 and 64, and one-third purchase a daily benefit of between $100 and $149. Most opt for an optional inflation growth rider that increases the potential pool of available benefit dollars each year.

The cost analysis priced typical coverage for individuals ages 55 and 65. The study reports that a 55-year-old married individual purchasing $172,000 in current protection will pay about $20 a week ($1,084 per year) by qualifying for available good health discounts. By age 65, they'll likely pay $63 a week ($3,275 per year) because costs increase with age and one must buy more coverage to keep pace with inflation, the report concludes.