While the cost of long-term care varies by facility and by where you live, it’s safe to say the cost is considerable. Long-term care costs range from $19,240 per year for adult day care to $105,850 per year for a private room in a nursing home.² This kind of expense can quickly deplete your nest egg, which is why long-term care insurance is such an important coverage to consider. Many people are surprised to learn that long-term care coverage costs less than they imagined. You may even be able to deduct the cost of long-term care insurance premiums from your state and federal taxes.
The cost of long-term care insurance depends on several factors. They include:
- Your age. You’ll typically get a better rate the younger you are. This is why insurance professionals recommend that you start stopping for long-term care in your 40s or 50s.
- Your health. People in better health generally pay less than people with health challenges.
- The benefits you choose. This can include: The maximum amount the policy pays each year or maximum number of days the policy covers. It can also be any additional coverages or riders you add to the policy, including options for couples to pool their coverage or inflation options designed to help coverage grow over time.
The U.S. Department of Health and Human Services reports that 69% of people will use long-term care services at some point.¹
Unfortunately, this care does not come cheap. Consider the national median costs for long-term care services²:
- $255 a day(or $7,756 per month) for a semi-private room in a nursing home
- $290 a day (or $8,821 per month) for a private room in a nursing home
- $141 a day (or $4,300 per month) in an assisted living facility
- $24 an hour for a health aide
- $23.50 an hour for homemaker services
- $74 per day for services in an adult day health care center
The cost of long-term care map in this link shows the median costs for home health aide care and private room nursing home care. As you can see, costs can vary considerably depending on where you live. Another great source of information is via Genworth’s Cost of Care Survey. That can be found here.
For more information on Long Term Care Insurance Costs, options, and what would best fit you please call Beck Insurance Agency in Archbold or Whitehouse, Ohio by calling 419-446-2777. You can also email Beck Insurance Agency at email@example.com, or by submitting your request here.