Answer library

Long-Term Care

Name: BE Frank Insurance
Telephone: +12162878832
Price range: $$

Planning for extended care, and why Medicare and Medicaid fall short.

Why long-term care insurance matters

Long-term care insurance is an important part of your financial plan.
If you develop a chronic illness or disability and can no longer care for yourself for an extended time, the cost of long-term care can quickly deplete your life’s savings.
Friends and family can be forced into the role of caregiver whether or not they’re capable or willing.
To get government help paying for long-term care, you must bankrupt yourself, and Medicaid will put you in the facility of their choosing.

Roughly 44% of men and 58% of women age 65 or older will need nursing-home care at some point in their lives.
The average nursing home stay is 3.1 years.
Of those who live to age 65, 7 in 10 will need some long-term care services at some point (Who Cares: Kiplinger’s No-Nonsense Look at LTC and How to Pay for It).
39% incorrectly assume that Medicare is the primary funding source for LTC (Congressional Budget Office).
43% did not know that Medicaid eligibility requires spending down assets to state-prescribed levels (US Dept of Health and Human Services).
Costs are far higher than many people assume: nationally, the 2024 median is about $114,975 a year for a semi-private nursing-home room and $129,575 for a private room (CareScout/Genworth); in Ohio a semi-private room averages roughly $100,000 a year and a private room about $114,000.

Delivers financial support.
Protects retirement savings.
Provides control over where you receive care — at home or in a nursing facility.
Provides the means to pay for a higher quality of care.
Relieves family and friends from caregiving responsibilities.
Offers professional advice, resources, and discounts.

Have a question this didn’t answer? Schedule a free conversation.