What Does Long-Term Care Insurance Cover?

Long-term care like above can be provided in your home, in hospice care, adult day services, respite care, assisted living facilities, nursing homes and Alzheimer’s care facilities. There is additional coverage for at-home skilled nursing care and therapy relating to occupational, physical, speech and rehabilitation. Speak with your healthcare provider about any specialized medical or assistance services you may need. 

Assistance for these can be expensive out of pocket, and not everyone can afford to pay for needed long-term care out of pocket. Long-term care insurance helps cover the price of this necessary care. 

How Much is Long-Term Care Insurance? 

Long-term care insurance rates vary. Since this insurance is available through private insurers, the prices have a huge range. On average, long-term care insurance costs about $2,727 a year. Premiums depend on the plan and coverage limits chosen. Those with more long-term care needs or with specialized needs will likely pay more for this insurance. Term policies also matter, as these policies typically last a number of years before renewal is required. Other factors that influence the cost of long-term care insurance are the insured’s: 

Overall, women pay higher long-term care insurance premiums because they have a longer lifespan than the average man. Older policyholders will also pay higher premiums, as the older they grow, the more likely they will need long-term care as more health issues arise with age. Married policyholders may pay lower rates since spouses can often take on some responsibility of long-term care.