What Will Long-Term Care Cost You?

En espaol | By the time you reach 65, chances are about 50-50 that you’ll require paid long-term care (LTC) someday. If you pay out of pocket, you’ll spend $140,000 on average. Yet you probably haven’t planned for that financial risk. Only 7.2 million or so Americans have LTC insurance, which covers many of the costs of a nursing home, assisted living or in-home care – expenses that.

Many people are frightened of long-term care costs – for good reason. Most people over 65 eventually will need help with daily living tasks, such as bathing, eating or dressing.

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Therefore, you can manage the costs of your long-term care insurance by choosing plans with longer or shorter periods of coverage, as well as by choosing the length of time you will be dependent for before the benefits kick in. We discuss this more in the 10 tips and questions to ask about long-term care below.

The cost of that care varies based on care setting, geographic location of care and level of care required, among other things. Using Genworth’s Cost of Care Survey tool below, you and your family can calculate the cost of long term care across the U.S. Knowing the cost is a first step to helping you plan for it.

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To decide whether you need long-term care insurance and how much to buy, you need a sense of how much your care could cost. For an estimate of potential long-term care costs in your state, see the Genworth Cost of Care Survey 2018 or use the interactive map. 5

Long-term care insurance is underwritten by Mutual of Omaha Insurance Company, 3300 Mutual of Omaha Plaza, Omaha, NE, 68175 1-800-775-6000. Policy form: ICC13-LTC13. This policy has exclusions, limitations and reductions and terms under which the policy may be continued in force or discontinued.

Since you can’t predict what your future long-term care needs will be, you may want to buy a policy with flexible options. Depending on the policy options you select, long-term care insurance can help you pay for the care you need, whether you are living at home or in an assisted living facility or nursing home.

Many people are frightened of long-term care costs – for good reason. Most people over 65 eventually will need help with daily living tasks, such as bathing, eating or dressing. Men will need.