75% of people over age 65 will eventually need long-term care.
Long-term Care is insurance that helps with medical and non-medical needs for those with a chronic illness or disability. It provides coverage in the event that your client may someday not be able to take care of themselves. Long-term Care insurance helps cover costs for care providers and support services. Below is the national average for costs. Medicare does not pay for non-skilled assistance and with daily living expenses. Medicare only pays for Long-term care if your client requires skilled services or rehabilitiative care.
Service |
2019 Time of study |
2020 (at 3% inflation rate) |
2045 (at 3% inflation rate) |
Home Healthcare |
$56,399.20 per year |
$58,091.18 per year |
$121,630.02 per year |
Assisted Living Facility |
$58,553.04 per year |
$60,309.63 per year |
$126,274.97 per year |
Nursing Home (Semi-Private Room) |
$89,899.20 per year |
$92,596.18 per year |
$193,875.83 per year |
Nursing Home (Private Room) |
$109,231.20 per year |
$112,508.14 per year |
$235,567.05 per year |
Mutual of Omaha Insurance Company's Cost-of-Care Study conducted by LTCG, 2019; released in April 2020
Long-term Care Resources
Managing Healthcare Expenses in Retirement >Long-term Care Factors >What Care Costs >Enter code "lincoln" to view data.
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LTCi Needs Calculator >How Much Care Will You Need > |