WHY CONSIDER IT?
Because life doesn’t always go as planned
No one likes to picture themselves in need of long-term care, but statistics suggest that most of us will need it at some point in our lives. That’s why it’s important to be prepared. Long-term care insurance is designed to cover a range of services you may need due to the effects of aging, or a chronic illness or impairment that leaves you unable to care for yourself over an extended period of time. This type of care can take place in a variety of settings, including in your home, in an assisted living facility, or in a nursing home.
Did you know…?
- Someone turning 65 today has a nearly 70 percent chance of needing long-term care services or support in their remaining years.1
- 20 percent of those accessing long-term care services will need it for longer than five years.1
- Women outlive men by about five years on average and are more likely to need long-term care for longer.1
- Long-term care isn’t just for seniors — it can also be utilized by younger adults with disabilities.
HOW IT’S COVERED
What is the cost of care?
The cost of care depends on each individual’s unique circumstances, but some factors that can influence cost include the type and duration of care you need, the provider you use, and where you live. In 2020, the national median cost for a home health aide was $61,776; residence in an assisted living facility cost, on average, $54,000, and the average cost for a private room in a nursing home was a shocking $108,405 per year.2
Who pays for long-term care?
- Medicare does not cover long-term care.
- Medicaid covers long-term care, but only for those with limited assets and income.
- Private health insurance does not usually cover long-term care services.
- Many people pay for long-term care from their personal assets and/or income.
Tools & Advice
Six Reasons Our Whole Life Insurance is Ideal for Many Military Families
Planning for Long-Term Care
Do you Need Disability Income Insurance?
1. 2018 U.S Department of Health and Human Services (www.longtermcare.acl.gov), 10/10/17. Site accessed 11/05/18.
2. Genworth Cost of Care Survey 2018, conducted by CareScout®, June 2018