Long Term Care

Long Term Care Insurance


A person turning age 65 today has almost a 70% chance of needing some type of extended care services in his or her remaining years. And the younger and healthier you are, the more likely you are to be eligible for coverage and a lower premium.

According to insurance provider Genworth Financial, the median cost of staying in a semiprivate room at a skilled nursing facility is $93,075 a year! Using a home health aide to assist with activities of daily living (ADLs) such as bathing, dressing, eating, and toileting has a median price tag of $54,912 per year!

Kind of Care Average Duration of Care Percent of People Who Use the Care
Any long-term care 3 years 69%
Unpaid care only, at home 1 year 59%
Paid care at home Less than 1 year 42%
Any care at home 2 years 65%
Nursing facility 1 year 35%
Assisted-living facility Less than 1 year 13%
Any care in facilities 1 year 37%
Data source: longtermcare.gov, as of October, 2017.

Medicare, Medicaid and most private health and disability income insurances often do not pay for extended care expenses (unless you meet certain qualifications). That’s where long-term care insurance comes in. It can cover:

  • In-home care
  • Assisted living and nursing home care
  • Adult day care
  • Home modifications—like wheelchair ramps, grab bars and railings
  • Assistance with day-to-day activities (think getting dressed, bathing, eating and more)

Long Term Insurance coverage is one way to address the insane cost of long term care.  Contact me to learn about insurance coverage and other vehicles such as annuities with long term care riders that fit your needs and budget. There is no obligation and I am happy to research a wide-range of options for you.