Frequently Asked Questions
How much does long-term care actually cost?
Genworth's 2023 Cost of Care Survey: private nursing home room averages $116,800/year; assisted living averages $64,200/year; in-home care with HHA averages $75,500/year. Costs vary 2-3x by state, with Alaska and Hawaii highest, Louisiana and Missouri lowest.
When should I buy long-term care insurance?
Sweet spot is ages 55-65. The American Association for Long-Term Care Insurance reports 47% of LTC applicants over 75 are declined. Premiums roughly double from age 55 to 65, and triple from 55 to 70.
Will Medicare cover long-term care?
No - this is the most common misconception. Medicare covers up to 100 days of skilled nursing only after a qualifying hospital stay. Medicaid covers long-term care but requires spending down assets to about $2,000 in most states.
How early should I buy long-term care insurance?
Ages 55-65 are the sweet spot. AALTCI data shows premiums roughly double from age 55 to 65, meaning a $2,000/year policy at 55 costs $4,000/year at 65 for the same benefit. More critically, 47% of LTC applicants over 75 are declined due to health conditions. Buying earlier locks in lower rates and broader coverage before conditions like diabetes, heart disease, or cognitive decline make you uninsurable.
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This calculator provides estimates based on general assumptions. Actual insurance costs and coverage vary by insurer, location, and individual risk factors. Not a quote or binding offer. Contact insurance providers directly for accurate quotes and coverage options.