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Understanding Long-Term Care Insurance

July 25th, 2023 by

Have you considered what it means to require long-term care? 

Even if you are decades away from retirement age, it’s pretty likely that you and/or your partner will, at some point in life, require specialized care services. Thankfully, there is insurance available for long-term care. But, who should buy it? And why?

What Is Long-Term Care Insurance?

Long-term care insurance is designed to cover you or a loved one should you require services such as a nursing home, rehabilitation center, or in-home care. With the proper coverage, these benefits could cover the entire – or at least portions of – your necessary medical services.  

Who Needs Long-Term Care Insurance?

Studies show that around 70% of Americans will need long-term care after age 65. These numbers are bound to grow due to an aging U.S. population and longer life expectancies. Both facts put a burden on the long-term care industry, meaning prices for such services are likely to rise with every passing year.

Women tend to live longer than men, and average 3.7 years of long-term care needs, while men average 2.2 years. Additionally, 20% of the population will need long-term care for more than five years.

Studies have also shown that the average care for such specialized care in 2020 cost around $8,821 per month! Projections for costs in 2024 show that figure nearly doubling to just under $16,000. You can see how these numbers are going to only grow as you look at your own late-retirement life. 

How will you afford it? All of those statistics mean one thing: Nearly all of us would benefit from having a long-term care insurance policy. 

How to Get Long-Term Care Insurance

The best way to find out which type of long-term care insurance is right for you is to sit down with a professional. I am always happy to schedule a meeting to discuss your individual needs and concerns. Everyone has different qualifying factors that can alter both the price and need for such insurance policies. I am able to review many plan options and companies to find the perfect fit for you and your family. 

Additionally, Minnesota’s Department of Commerce reviews the cost of such insurance plans, the charges for care, and any concerns or complaints from the public regarding long-term care facilities. If you have a concern or wish to file a complaint with the department, contact the Consumer Services Center by email at or by phone at (651) 539-1600.

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