Long-Term Care

What is long-term care and who needs it?

Long-term care (LTC) is a range of services and supports you may need to meet your personal care needs.

The need for long-term care can arise suddenly, such as after a heart attack or stroke. More often, however, the need for long-term care develops gradually. People require more care as they get older and frailer or as a serious, ongoing illness or health condition gets worse.

Medicare + Long-Term Care

Traditional Medicare, the public health insurance program for people 65 and older and disabled individuals who are younger, doesn’t cover long-term care beyond some skilled care right after hospitalization for an injury or illness. Some Medicare Advantage plans from private insurers offer limited supplemental coverage for services like meal delivery and rides to medical appointments.

Veterans may access long-term care through the U.S. Department of Veterans Affairs.

Why buy Long-Term Care insurance?

People buy long-term care insurance for two reasons:

  • Long-term care costs can deplete a retirement nest egg quickly. The median cost of care in a semiprivate nursing home room is $94,900 per year, according to Genworth’s 2021 Cost of Care Survey.

  • The more money you can spend, the better the quality of care you can get. If you have to rely on Medicaid, your choices will be limited to the nursing homes that accept payments from the government program. In many states, Medicaid doesn't pay for all assisted living costs.

The rates you pay depend on a variety of factors, including:

  • The older you are and the more health problems you have, the more you’ll pay when you buy a policy.

  • Women generally pay more than men because they live longer and have a greater chance of making long-term care insurance claims.

  • Premiums are lower for married people than for single people.

  • Prices for the same amount of coverage will vary among insurance companies. That’s why it’s important to compare quotes from different carriers.

  • You’ll pay more for richer coverage, such as higher limits on the daily and lifetime benefits, cost-of-living adjustments to protect against inflation, shorter elimination periods and fewer restrictions on the types of care covered.