There is an impending crisis upon us in America in long-term care. Long Term Care Insurance costs very little compared what you need to assist in paying for long-term care services in retirement.  While the need for long-term care can, in theory, occur at any age, the majority of claimants are over 65 and in retirement.  Sadly, many Americans shun Long Term Care Insurance costs because of the perception that it is too expensive and not good value-for-money.  In addition, many Americans simply aren’t aware that they even need to plan for their future long-term care needs or that they need insurance to for such eventualities.  Unfortunately, the majority of Americans fall into one of these categories as most Americans don’t have a Long Term Care Insurance costs factored into their retirement planning.  So, what is long-term care and just how expensive is it, really?

Long Term Care Insurance cost is nothing compared to cost of long-term care

Long Term Care Insurance cost Look around the room.  Pick yourself, and two other people. Out of these 3 people, 2 of your will need long-term care at some point after you pass age 65.  This is the “inconvenient truth” about long-term care.  Most of us, ⅔ or more, in fact, will need some form of long-term care in our retirement years and we’ll need to find a way to pay for it.  If you’re poor, Medicaid is an option, and may be your only option.  But, if you have even modest savings and assets, you won’t be able to qualify for Medicaid and will need to pay for your long-term care services such as nursing home stays, in-home care or other assisted-living type care yourself.

This leads to the other “inconvenient truth” about long-term care.  It’s expensive.  And, it’s only going to get more expensive as demand rises and more and more Americans enter retirement and are living longer.  Consider these national averages for various types of long-term care services:

  • Nursing Home – $83,179
  • Assisted Living Facility – $45,000
  • Home Care – $39,784

Couple these numbers with the average length of time of needing these services being 2.9 years and you’re looking at an average cost of $241,219 per person or $482,438 for a married couple.  Only the very rich among us can easily pay for these costs out-of-pocket.  The rest of us need a Long Term Care Insurance policy.

The “convenient truth”: Long Term Care Insurance cost is not as expensive as you think

Most Americans, when surveyed, put the annual cost of a Long Term Care Insurance policy at more than $7,000, more than double the actual, average annual cost of between $2,000 and $3,000.  Added to that, more than half of Americans surveyed said they weren’t familiar with Long Term Care Insurance at all or very little.  So, clearly, there is a lack of awareness and knowledge about this critical type of insurance.

We’re here to fix that!  At LTC Tree, we know long-term care.  We are the largest virtual Long Term Care Insurance brokerage in the country and work with the top, blue chip carriers to get you information and quotes to help you prepare for your retirement years.  The process is simple: fill out our form and we’ll get you quotes from the top Long Term Care Insurance insurers in the nation.  Then, we’ll assist you in navigating the options and help you choose a plan that is right for you and your family, no matter your financial status or situation.  Thanks for reading today’s blog and be sure to check back on for the best in Long Term Care Insurance policy advice, rates, quotes and comparisons.