Long-Term Care Cost Estimator

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.

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.

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.

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.

It solves the "use it or lose it" problem: if you never need care, your heirs receive a death benefit. Premiums are higher but more stable (no surprise rate hikes). It is worth it if you have enough assets for a single large premium or payments over 10 years.

Nursing home stays average about 2.5 years, but the range is wide: many people spend only a few months at the end of life, while some people with dementia need care for 8 years or more. Planning for 3 to 5 years is a prudent baseline.