Making it to age 65 is a major milestone. It’s also a time at which you’ll have about a 50% chance of needing long-term care (LTC) at some point in your near future.1 That could end up being a major expense without insurance to help cover the cost.
When paying out of pocket, the average American spends a sizable $140,000 on LTC. Insurance premiums, on the other hand, cost about $2,700 on average per year.2 Consider that expense over 20 to 30 years, which adds up to a much lower $54,000 to $81,000.
While Medicare covers medical expenses, it won’t pay for the cost of staying in a long-term care facility or having someone help with day-to-day activities like eating meals or getting dressed. Private health insurance is also unlikely to cover any associated LTC costs.3 That’s why many should consider investing in long-term care insurance to help pay for the cost of nursing homes, adult daycare, and home health care.
With this list, we’ve done the homework and investigated 20 companies to help you find the right insurance carrier. We have considered each company’s history and ratings, the types of coverage offered, specific policies, pricing, and what types of discounts are available—all important factors for anyone shopping around for long-term care insurance.
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