Learn More About Long Term Care Insurance With Frequently Asked Questions (FAQ)

01

Purchasing and Costs

I’ve heard long term care insurance (LTCI) is expensive. How much does it cost?

The cost of LTCI varies and is based on your gender, age, and health. The younger you are when applying for coverage, the lower the cost will be.1

Age Male Married Female Single Female
45 $37 $58 $68
50 $40 $63 $74
55 $44 $71 $83
60 $51 $83 $98

Learn more about the cost of LTC coverage here.

How do I pay for a long term care event? Who can I count on?
  • Your personal assets including your savings, home, or retirement accounts
  • Health and disability insurance do not cover long term care
  • Medicare or private Medicare supplement insurance are not designed to pay for long term care
  • Medicaid may pay for some care, but only for people that meet poverty guidelines or after a nursing home resident exhausts their savings. Increasingly, facilities are not taking Medicaid patients due to low reimbursement rates
  • Long term care insurance will pay for your care or reimburse you for some or all of your long term care needs
Who buys long term care insurance?

Most people consider buying LTC coverage between the ages of 55-64.2 Premiums are based on your health, gender, and age. The longer you wait, the higher the premiums will be.

What kind of LTCI do most people buy?

See our 2019 Buying Trends Infographic for more information on what people are buying.

02

Why LTC

I don't plan on going to a nursing home, why should I purchase long term care insurance?

It’s common for people to think of nursing homes when they think of long term care insurance, but that’s not the case. To keep up with the changing marketplace, today’s long term care policies cover a variety of formal and informal care options. Covered services include in-home care, adult care homes, assisted living, memory care facilities, and more. Long term care insurance can help people:

  • Preserve retirement savings and income
  • Remain independent
  • Receive the care they need in a place they choose
  • Protect their family from the emotional and financial strain of providing care
I have healthy parents, why should I buy coverage for myself?

As stated above, people are living longer which is good…but not without health incidents. A healthy 65-year-old couple has a 75% chance that one partner will require a significant level of long term care (LTC) if they each live to their projected actuarial life expectancies, according to a new HealthView Services report.

03

General

Will my health insurance cover this?

Health insurance pays for hospital and medical care, but it does not pay for extended health care services. For example, you need surgery due to an injury. Health insurance will pay for the surgery, hospital stay, and doctor’s bill. But if you need help with your activities of daily living while you recover, this is not covered by health insurance. Long term care insurance will pay for the additional care you may need.

Am I too young to buy long term care insurance?

We’re living longer now more than ever before. But this doesn’t mean we live longer without health issues. It’s estimated that 17% of long term care policies are purchased by people under the age of 54, while they’re young and healthy.2

If I have a long term care event, what can I expect to pay?

Costs vary by state and region, but the average national annual cost for nursing home care is $105,850.3 Learn more about the cost of care in your state.

How likely is it that I'll need help if I have a long term care event?

Everyone is different, and like everything in life, nothing is guaranteed. A healthy 65-year-old couple has a 75% chance that one partner will require a significant level of long term care (LTC) if they each live to their projected actuarial life expectancies, according to a new HealthView Services report. Most are unprepared for the financial and emotional toll of caregiving.

What if my employer offers long term care insurance?

There are many benefits to purchasing long term care insurance through your employer. These benefits include:

  • Additional discounts
  • Streamlined Underwriting – This means you may answer only a few health questions and medical records may not be required
  • Portability – If you buy a policy through your employer, by law, you can take it with you when you retire or change jobs
  • Family Benefit – your spouse/partner and extended family may be eligible for group rates

1 Estimated premium based on $1,500 monthly benefit period, 3 year plan duration, 90 service day waiting period, with 2% inflation in the state of Washington. Information is intended only as a summary and general overview. Review actual insurance company proposal for specific pricing. This is for general long term care education purposes and is not a warranty, representation or to be binding in nature.

2 Internal application data study, LTC Consumer, 2019 Buying Trends.

3 Genworth 2021 Cost of Care Survey, conducted by CareScout®. Nursing home care, private room.

Recommended Reading

Most states offer LTC government programs with incentives for those who buy LTC insurance.

Long term care insurance premium increases have recently been in the news.

Have you considered making a strategy to prepare for an unexpected long term care event?