In short, long-term care insurance (LTC) helps individuals who are unable to care for themselves afford the services they require. When individuals purchase long-term care insurance, they can expect coverage for daily activities such as driving, managing medications, and more.
Moreover, in addition to providing long-term care insurance covers services such as home health care, respite care, hospice care, adult daycare, and prolonged stays in nursing homes and assisted living facilities.
Unlike most health insurance policies, LTC insurance covers many long-term needs and is a must-have for people who expect to need it in the future.
The average length of time that an LTC benefit lasts begins when the individual or a family member informs the insurer that they are unable to care for their basic needs at home.
A nurse evaluates the insured’s cognitive status, current medications, and ability to function in their home.
In addition, there is another form of long-term care insurance – hybrid long-term care insurance. A hybrid policy provides the same coverage as a traditional long-term care policy while also providing a death benefit if the person never needs the coverage.
Life insurance policies work in much the same way, but with care options attached in case the individual needs them.
Talk to an independent insurance agent about long-term care insurance. Our long-term care experts can answer all of your long-term care questions and find the right policy for you.
Long-Term Care Costs (without insurance)
A person’s cost of care can vary widely based on the type of care they need, how long they need it, which provider they use, and where they live. The cost of home health care may also vary according to the time of the provider’s shift; weekends, holidays, and evenings are typically more expensive.
The following is a list of the national average costs of long-term care in 2020 based on data from the insurance company Genworth Financial:
- Nursing homes: $255 per day or $7,756 per month for a semi-private room; $293 per day or $8,821 per month for a private room
- One-bedroom unit in an assisted living facility: $141 per day or $4,300 per month
- Home health aide: $150 per day ($24 hourly) or $4,576 per month
- Homemaker services: $147 per day ($23.50 hourly) or $4,481 per month
- Adult day health care centers: $74 per day or $1,603 per month