Need a health insurance plan?

Long-term care insurance covers individuals that are 65 or older with a chronic or disabling condition that requires constant supervision. This includes assistance with everyday activities like taking a bath, dressing or getting in and out of bed. LTC insurance is more flexible than other federal and state health insurance programs like, Medicare and Medicaid.

What does Long-Term Care (LTC) Insurance Cover?

• Helps pay for most if not all of assisted living facilities
• In-home care
• Nursing home stays
• Adult day care centers

1. It helps to lift the burden of having to rely on family or friends for support in covering any out-of-pocket expenses for long term care.
2. Long-term care is very costly as stated in a 2019 survey. The survey states that the average cost of a private room in a skilled nursing facility or nursing home was $102,200 a year and a home health aide costs an average of $52,624 annually. 1
   

   Genworth. “Genworth Cost of Care Survey 2019: Skyrocketing care costs may make the dream of aging at home more challenging.” Accessed August 10, 2020.

3. Long-term care insurance premiums can be tax deductible if the policy is tax-qualified and the policyholder itemizes tax deductions. Companies that pay long-term care premiums for an employee can deduct them as a business expense. 5
   

   American Association for Long-Term Care Insurance. “Long-Term Care Insurance Tax-Deductibility Rules – LTC Tax Rules.” Accessed August 10, 2020.

4. It is recommended to purchase LTC between the ages of 45 and 55 as part of a retirement plan to protect assets from the cost of extended healthcare.