Grandfather playing with his kids and granddaughter at home

Do you have a plan for your future long-term care needs? It's natural to want to avoid the issue, but instead of putting it off, why not meet it head-on? After all, the cost of long term care is only going up. Together, let's make a plan to ease the future stress and financial burden on your family.

Your first question is probably…are long term care plans worth it? That depends if you end up needing care. It’s true, you might not – but if you do, wouldn’t it feel better to have a plan? A plan takes the pressure off, and avoids burdening loved ones with stress, cost, and hassle later in life. If you need care, the plan is worth it. If you don’t need care, your peace of mind might be worth it, too. Here are a few LTC stats to keep in mind:*

  • Almost 70% of people over age 65 will need long-term care at some point in their lives.
  • 20% of today’s 65-year-olds will need long term care for longer than 5 years.
  • Women need care for an average of 3.7 years, as opposed to 2.2 years for men.

➡️ Let’s make a plan so you never have to worry about how to pay for long term care. Take the stress away – and the burden off your loved ones.

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What Is Long-Term Care?

Senior man on crutches getting long term care help from a doctor and in-home health aide

Long-term care isn't about urgent medical treatment. Many people think it just means living in a nursing home, but that's not always the case. It's about getting the help and care you need to accomplish the basic tasks of daily living and personal care. These are called ADLs, or Activities of Daily Living. They include:

  • dressing
  • bathing
  • grooming
  • bathroom use
  • eating
  • moving around the house

Depending on your needs and health, you can receive long term care services in your own home. In fact, 42% of people receiving long-term care get help in their own home, with a professional provider. (A much larger percentage, 59%, get help at home, but with family members who are not paid for their services.) 35% receive care in a nursing home, while an additional 13% live in assisted living communities with adult day care.*

➡️ If you have a preference for how you get care, why not make a plan now to make sure that’s exactly what happens? Don’t put it off – make a choice, tell your loved ones what you want, and get that plan in place. I can help when you schedule a call for a free consultation.

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Who Will Cover Long Term Care Expenses?

You might be surprised to learn that Medicare doesn't pay for long-term care. Medicare only picks up the bill if your care is part of your recovery from an illness or operation that required hospitalization. If you need skilled nursing services or physical therapy for your rehabilitation, the federal government will cover these costs for a short period of time. For example, the average Medicare-covered stay in a nursing home is just 22 days (although they will cover up to 100 days).

But what happens after that?

Man in a wheelchair in an assisted living facility getting a visit from his daughter

Medicare does not cover the cost of getting help with ADLs (the daily living tasks listed above), whether they happen in your home or in long term care facilities. You will be responsible for these kinds of costs. That's exactly what long-term care insurance is designed to help with.

➡️ Did you know? The median cost of one year in a nursing home with a private room is $116,800. By comparison, getting a home health aide for one year costs $75,504 on average.**

The total cost of long-term care treatment can really add up. For example, based on the statistics provided above, a woman needs an average of 3.7 years of care. Multiply those 3.7 years by the median cost of one year in a nursing home with a private room, $116,800.** The result? $432,160. The result is cheaper with a home health aide, adding up to an average of $279,364.80. If you don't have that kind of money budgeted into your retirement account (and who does?), it might be time to consider long-term care insurance.

Your insurance policy will pay long term care benefits monthly to reimburse you for the cost of a nursing home, assisted living facility, or home health aide.

➡️ Ready to look into long term care insurance plans and rates? Call me today! I can give you a personalized plan recommendation.

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Long Term Care Insurance Cost Estimate

You can buy your own long term care coverage plan from well-known life insurance companies including Mutual of Omaha, National Guardian Life, New York Life, and more. The cost of a policy will depend on your age, sex, health, and the amount of coverage you want. In terms of amount of coverage, you select a lifetime benefit amount, and whether you want a yearly increase to keep up with the cost of care and/or inflation. Because the cost depends on your personal details, you’ll need to talk to an agent to get a quote – but it’s a fast, free process that can really make retirement planning easier.

Woman getting long term care in a nursing home greeting a health aide while she’s having breakfast

How much do long term care plans cost? The most recent stats on cost we have are for 2022, provided by the American Association for Long-Term Care Insurance.^ They survey of insurance companies and release stats on the average annual premium costs for single men age 55-65, single women age 55-65, and couples both age 55-65. All stats below are for a policy benefit of $165,000. Here are some highlights:

    Senior couple at the beach, smiling together
  • Single man, age 55, $165,000 in benefits, average annual premium: $950
  • Single man, age 60, $165,000 in benefits, average annual premium: $1,175
  • Single man, age 65, $165,000 in benefits, average annual premium: $1,700

  • Single woman, age 55, $165,000 in benefits, average annual premium: $1,500
  • Single woman, age 60, $165,000 in benefits, average annual premium: $1,900
  • Single woman, age 65, $165,000 in benefits, average annual premium: $2,700

  • Couple both age 55, $165,000 in benefits, average annual premium: $2,080 combined
  • Couple both age 60, $165,000 in benefits, average annual premium: $2,600 combined
  • Couple both age 65, $165,000 in benefits, average annual premium: $3,750 combined

As you can see, those average prices go up the longer you wait to buy. And if you’re wondering why women pay more than men, it’s because women are statistically more likely to need coverage. They typically outlive men, so there’s a greater chance they’ll make a claim, resulting in higher prices.

➡️ Want a free long term care insurance cost estimate? Click the button below to schedule a call!

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*, “How Much Care Will You Need?,” accessed 4/14/23
^, “Long-Term Care Insurance Facts - Data - Statistics - 2022 Reports,” accessed 4/14/23
**Genworth Cost of Care Survey 2023, "Summary of 2023 Survey Findings," accessed 4/10/24