One in two Americans will need long-term medical care during their lifetime, and that share is increasing as medical advances extend life expectancies.
As we age we often need more help with everyday tasks, so a sudden health event — a serious fall, cognitive decline, or heart attack — can leave someone unable to care for themselves. Long-term care is not limited to seniors: more than one in three people receiving long-term care services are younger than 65.
Long-term care (LTC) insurance can cover services that standard health insurance typically does not, and it can protect family assets by reducing the financial and caregiving burden on relatives. Policies generally help pay for care at home, in adult day programs, in assisted living, or in a nursing home once you meet the policy’s eligibility criteria.
Without LTC coverage, the cost of care can create a substantial financial strain. It can cost more than $70,000 a year to stay in a nursing home, and in-home care aides often earn more than $30 per hour, so expenses add up quickly when ongoing or 24/7 care is needed.
Don’t rely on other programs to fill the gap: Medicare and many health plans provide only limited coverage for long-term care, often for short, specific post-hospital stays. Medicaid can cover long-term care for people with very limited income and assets.
Annual LTC premiums commonly range from about $1,000 to $5,000 depending on the level of coverage, your age, gender, and health when you apply; people with serious health conditions may not qualify. If you have health concerns that affect qualification, consider reviewing Guaranteed-Issue and Long-Term Care (LTC) options.
If you are primarily interested in services at home rather than in a facility, learn more about Long-Term Home Care Insurance to compare how different policies handle home-based care.
For a free review of your need for long-term care protection, please talk to an agent about your options and next steps.
Frequently Asked Questions
When do long-term care insurance benefits begin?
Benefits typically begin after you meet the policy's trigger, which is usually a certified need for help with daily activities or cognitive impairment, and any elimination period has passed.
How long will a long-term care policy pay for care?
Coverage duration depends on the policy; some pay for a fixed number of years while others offer lifetime benefits, so check the policy limits before buying.
Does Medicare cover long-term care?
Medicare covers limited skilled nursing or rehabilitation services for a short period after hospitalization, but it does not cover most long-term custodial care.
What factors affect LTC insurance premiums?
Premiums vary based on your age at purchase, gender, health status, the daily benefit amount, benefit period, and inflation protection choices.