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Expert Written


By Licensed Agent Sa El

Updated 05 Dec 2023

What Is Long Term Care Insurance?

A long term care insurance policy, also known as LTC Insurance, helps you with the costs associated with long-term care for either a short or long period of time. When someone can no longer perform some of their activities of daily living, this plan can assist them with the costs of living more independently.

How Does Long Term Care Insurance Work?

Pick Your Options

Your first step is to determine how much coverage you will need, how long your elimination period should be, and how long you would like to have your policy. 

Make Payments

Once your policy has been approved you will need to make monthly payments on your policy to keep it in-force.  

File A Claim

You can file a claim online via the online portal of your insurance company or reach out to them via phone or email for reimbursements.

If You Can't Perform 2 Of The 6 Activities Of Daily Living

A Long-term care insurance policy will pay for care once you are unable to complete 2 of the 6 activities of daily living.  The 6 activities of daily living (ADLs) are bathing, dressing, eating, continence, transferring and toileting. 

How Much Does Long Term Care Insurance Cost?

The Average Cost Of Long Term Care Insurance Is $2,007 Per Year

The average cost of long term care insurance is $2,007 per year which comes out to $167 per month according to recent industry research. This means coverage won't be easy to afford for most Americans. Especially as they age.

So, what factors determine the average cost of long term care insurance? 

Your Age & Health

The older you get and the more health issues you have, the more you will pay for coverage. Buying young gives you the most savings when it comes to premiums.

Marital Status

Married couples get lower premiums when it comes to long-term care insurance.  

If you are married you should defiantly be considering long term care coverage.

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Since women live longer than men they will usually pay more than men. Living longer means a higher possibility of filing an insurance claim. 

The Company You Choose

Each insurance company has their own rates and underwriting guidelines when it comes to long term care insurance. It's essential that you compare quotes from multiple carriers.

Amount Of Coverage

The more coverage you have, the higher the cost of your policy.  If you want higher limits on the daily and lifetime benefits or a shorter elimination period; it's going to cost you.

What Is The Best Age To Buy Long Term Care Insurance?

Between The Ages Of 49 - 59

The best age to purchase long term care insurance is before you are 55 years old. The probability of you needing long term care will increase as you age and so will the premiums until you get a policy. It's much more affordable if you buy at a younger age.

Who Needs Long Term Care Insurance Protection?

With more than 95% of all LTC claims filed being for people over the age of 70, someone turning 50 years old should be looking into buying a long term care insurance policy. Some 70% of people over the age of 65 will need long-term care at some point in their lives. Which means you need to be covered no later than your mid 50's. 

Who Should Buy Long-Term Care Insurance?

Someone who wants stay in their home

If you would prefer to stay living in your home as you get older then having coverage is essential.  More than 90% of people choose their home as where they want to receive long term care. 

Someone who values time with family

On average families visit their family members in a nursing home 6 times per month. During that time they only stay for about 1.5 hours. If your family is essential then you need coverage. 

To protect retirement savings

Long-term care can easily cost over $100,000 per year. This would eat your savings up very fast, with the help of a ltci policy you would be able to protect your savings. 

Different Types Of Long Term Care Insurance

The 2 Different Types Of Long Term Care Insurance

"in Plain English” 

There are two different types of long-term care insurance policies that you can purchase, they are stand alone, and asset based. 

Stand Alone 

These policies offer the most affordable solution in regards to paying for long term care costs. If y you become mentally impaired, or need help with at least 2 of 6 ADLs this policy will go into effect after the elimination period.

Asset Based

With this type of policy you get two policies in one.  The value of the policy goes toward both your life insurance and your long term care insurance.  The most popular version of this is a Hybrid LTC Insurance Policy. 

Hybrid LTC Policy

A hybrid LTCI policy is a type of asset based long-term care insurance.  It combines life insurance or an annuity with a long term care insurance rider. These plans haven't been around for long, but they are getting popular fast. 

What Does Long Term Care Insurance Cover?

Does Long Term Care Insurance Cover Assisted Living?

Yes, long term care insurance does cover the cost of assisted living facilities. Usually an insurance company will require the facility to be accredited. Along with covering costs of an assisted living facility, long-term care insurance will also cover:  

Home Healthcare

Home healthcare is one of the most preferred types of long term care. This is because health care is provided by a professional caregiver in the home of the patient instead of a nursing facility.

Nursing Home Costs

Long-term care insurance helps individuals pay for a nursing home. This could include the cost of a private or semi-private room.  

Adult Daycare

Adult Daycare can be a great alternative to a nursing home and is another cost that long-term care insurance helps pay for. 

Home Modifications

While you might not be ready for home healthcare, you may need some modifications to your home to make living there easier.  A LTCI policy can help you with those costs. 

Care Coordination

In plain English, care coordination is when people plan out patient care activities and share information between everyone concerned with a patient's care to accomplish more effective care.

What Does Long Term Care Insurance NOT Cover?

Long term care will not cover pre-existing conditions during a specific exclusion period.  This period can last for several months after you purchase your policy.  This policy also won't pay family members that provide in-home care. Finally, it won’t cover medical care costs.

How To Buy Long Term Care Insurance Online

Get Some Quotes

Don't be shy, click through to get some immediate quotes for long-term care insurance.  You even have the option to work one on one with a lcti specialist. 

Apply For A Policy

Once you have viewed the quotes you can apply online for coverage. The application process is fast and can usually be done in one sitting.

You're Covered

Within a few days of your application you will have an approval, at that point all you need to do is pay for your policy and you're covered.

Speak To A Licensed Agent For Faster Policy Approvals

We recommend a quick chat with our experienced Long-Term Care (LTC) insurance agents to expedite the often lengthy approval process and save you valuable time.

The Best Long Term Care Insurance Companies

Top Companies 

"in Plain English” 

We are putting together a post that will cover the top long-term care insurance companies in much more detail. 

Check out the top ltc insurance companies

Frequently Asked Questions

What is the average cost of long term care insurance premiums?

The average cost of long term care insurance is $2,700 per year according to recent industry research.  This means coverage won't be easy to afford for most Americans. 

What is the best age to purchase long term care insurance?

The best age to purchase long term care insurance is before you are 65 years old. The probability of you needing long term care will increase as you age and so will the premiums.  It's much more affordable if you buy at a younger age.

How much does long term care insurance cost for a 70 year old?

Long term care insurance for a 70 year old could cost around $7,000 per year.  The rates will vary depending on what state you live in; however, the above rates are based on an average annual cost.


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