Long-term care insurance (LTC) can help cover the financial burden of a disability or long-term illness. This may include costs related to assisted living, nursing homes, or at-home care.
In many cases, these types of expenses are not covered by health insurance companies, Medicaid, or Medicare.
52% of people over the age of 65 will need some form of long-term care during their life.
According to the US Department of Health, these are the national average costs of long-term care in the United States:
- Nursing home semi-private room — $6,844 per month
- Nursing home private room — $7,698 per month
- Assisted living one-bedroom unit — $3,628 per month
- Health aide — $20.50 per hour
- Adult day health care center services — $68 per day
These costs can quickly reach upwards of $90,000 per year. One accident or illness could easily bankrupt someone.