Long-Term Care Benefits

Flexibility in choosing where and how you receive care

Planning for the future means preparing for more than just retirement income—it also means protecting yourself and your family from the high costs of long-term care. As Americans live longer, the need for extended care services is becoming increasingly common. According to the U.S. Department of Health and Human Services, nearly 70% of people who reach age 65 will require some form of long-term care during their lifetime.

The costs associated with long-term care can be staggering. Research from Genworth and CareScout shows that the average annual cost of a semi-private room in a nursing home exceeds $110,000, while hiring a home health aide averages over $80,000 per year. These expenses can quickly deplete savings, strain retirement funds, and place a significant financial burden on family members. Without adequate insurance protection, the cost of care can jeopardize not only your financial stability but also your family’s well-being.

The need for care often extends over several years. Data from the Administration for Community Living (ACL) indicates that individuals typically require care for an average of three years—with women needing care longer (3.7 years) than men (2.2 years). Over this period, the cumulative expenses can easily exceed hundreds of thousands of dollars.

Long-term care insurance helps safeguard your assets and independence by covering the costs of services that regular health insurance and Medicare often do not. It provides flexibility in choosing where and how you receive care—whether at home, in an assisted living facility, or in a nursing home.

By planning ahead and securing long-term care insurance, you can protect your savings, preserve your quality of life, and ensure that the cost of care never becomes a financial hardship for your loved ones.