Long-Term Care

What is long-term care insurance (LTCi)? LTCi coverage can pay for assisted living, nursing home care or in-home healthcare if you are unable to care for yourself due to a chronic condition or disability. These medical expenses typically are not covered under Medicare.

According to the Genworth Cost of Care Survey, the national median cost for a home health aide for an eight-hour day is approximately $65,538 annually. An assisted living facility in the U.S. has a median cost of roughly $57,289. Of course, these numbers change based on where your clients live (you can find the estimated costs by clicking here).

Below are a few examples based on some different locations.

• Florida: $60,683 per year for Home Health Care; $122,558 per year for a nursing home.
• California: $77,675 per year for Home Health Care; $154,891 per year for a nursing home.
• Minnesota: $87,991 per year for Home Health Care; $166,412 per year for a nursing home.

Consumer Resources

These materials are provided by Life Happens. Life Happens is a non-profit organization dedicated to helping Americans take personal financial responsibility through the ownership of life insurance and related products, including disability and long-term care insurance.

Life Happens also seeks to remind people of the important role insurance professionals perform in helping families, businesses, and individuals find the insurance products that best fit their needs. Life Happens does not endorse any product, company or insurance advisor. Its only interest is seeing that consumers get the coverage they need to protect themselves and their loved ones.

• Why is long-term care insurance worth it? (Article)
• Cost of Care Map (online tool)
• Long-Term Care Insurance 101 (Video)

This material is intended for both educational purposes and to promote interest in the subject matter. It does not address any individual’s specific situation and is not to serve as the basis for any purchasing decision. The material is based on the information available to me and, while deemed accurate, is not guaranteed. Numerical examples, if any, are only illustrative. Guarantees, when applicable, are backed by the financial strength and claims-paying ability of the issuing carrier. For additional information, please contact our agency.