Long-Term Care Insurance Cost Calculator

Coverage Amount ($)

Health Status
Good Average Poor
Calculate Get a Quote

Factors Affecting the Cost of Care

The cost of long-term care services depends on multiple factors, including:

• Location – Care costs vary significantly by state and region. Urban areas typically have higher costs than rural locations due to higher demand and cost of living.
• Type of care – Home care, assisted living, and nursing home care each have different pricing structures. Home care may be more affordable but requires family involvement, while nursing homes provide comprehensive services at a higher cost.
• Age and health considerations – Your current health and age can impact insurance premiums. The younger and healthier you are when purchasing a policy, the lower your premium is likely to be.
• Coverage options – The level of coverage you choose influences premium costs. Comprehensive policies covering a broad range of services tend to be more expensive.
• Medicaid & Medicare eligibility – Government programs may cover some costs, but eligibility varies. Medicaid assists low-income individuals, while Medicare provides limited coverage for specific care needs.
• Inflation and cost trends – Long-term care costs continue to rise. Investing in policies that include inflation protection ensures your benefits keep up with increasing expenses.

Cost Differences by State

The cost of long-term care fluctuates across states. Some states have higher labor costs, taxes, and healthcare facility charges, leading to higher long-term care expenses. Use our interactive map to explore estimated costs in your area. Factors such as local demand, cost of living, and healthcare facility availability impact pricing trends. For example, in states like California and New York, nursing home costs may exceed $10,000 per month, while states like Arkansas and Mississippi may offer lower-cost options.

How Much Does Long-Term Care Insurance Cost?

Monthly & Annual Premium Estimates

The cost of long-term care insurance varies based on coverage level, health status, and policy type. On average:

• Basic coverage: $1,500 - $3,000 annually
• Comprehensive coverage: $3,500 - $7,500 annually
• Premiums increase with age and health conditions

These estimates are influenced by personal choices, including waiting periods, benefit periods, and daily coverage amounts. A policy with higher daily benefits and lifetime coverage costs more than one with a limited benefit period.

How to Reduce Your Premium?

• Purchase early – Buying a policy at a younger age secures lower premiums.
• Opt for shared benefits – Couples can share coverage, reducing overall costs.
• Consider hybrid policies – Life insurance policies with long-term care riders may be cost-effective.
• Leverage Medicaid assistance – If eligible, Medicaid can cover some long-term care expenses.
• Choose a longer elimination period – Policies with longer waiting periods before benefits start tend to have lower premiums.
• Reduce coverage duration – Instead of lifetime coverage, a five-year policy may provide adequate protection at a lower cost.

Compare Long-Term Care Insurance Providers

Compare policies from major insurance providers based on cost, coverage, and benefits. Some of the top providers include:

• New York Life – Offers flexible policy options with lifetime benefits.
• Mutual of Omaha – Provides discounts for couples and customizable plans.
• Genworth – Specializes in state-specific cost assessments and insurance plans.
• MassMutual – Features hybrid policies that combine life insurance and long-term care coverage.
• Northwestern Mutual – Known for financial stability and customer service.

FAQs About Long-Term Care Insurance Costs

 

What is the average cost of long-term care services?

The average cost varies by service type:

• Home care: $4,500/month
• Assisted living: $4,000/month
• Nursing home: $8,500/month

Does Medicare cover long-term care expenses?

Medicare only covers short-term skilled nursing care under specific conditions. For extended care, individuals need Medicaid or private insurance.

Can I use retirement savings to cover long-term care?

Yes, many individuals use retirement savings to fund care, but long-term care insurance provides financial security and reduces out-of-pocket costs.

What is the best age to buy long-term care insurance?

The best time to buy long-term care insurance is between ages 50 and 60. Younger buyers benefit from lower premiums, while older individuals may face higher costs due to health issues.

Plan Ahead: Next Steps for Purchasing Coverage

• Use our long-term care insurance cost calculator to estimate expenses.
• Consult with an insurance specialist to compare policy options.
• Plan early to secure affordable premiums and coverage that meets your needs.

Start Planning Today

Secure your future with the right long-term care insurance policy. Use our calculator now to explore your options and make informed financial decisions. Proper planning ensures peace of mind for you and your loved ones, preventing financial strain in the future. Investing in long-term care insurance provides the flexibility to receive care in a setting of your choice, whether at home, in an assisted living facility, or a nursing home. As cost trends continue to rise, planning early ensures your savings and income remain protected. Don't wait—take control of your future today with the right long-term care insurance plan.