Long-term care insurance plans cost $1,200 per year to cover the coverage options and long-term care services that are not typically covered by traditional health insurance.
The long-term care insurance companies include financial assistance, including daily activities such as bathing, dressing, eating, and mobility. Most of the policies provide medical care in a variety of places, such as:
- Your home
- A nursing home
- An assisted living facility
- An adult day care center
Policy Features
With the key features of a long-term care insurance policy, offer free medication and complete the following eligibility requirements for getting the different plan benefits. Here are some key policy features offered by long-term care insurance companies in the USA:
- Coverage Options: A long-term care insurance policy typically offers a wide range of services, including home care, adult day care, assisted living facilities, nursing homes, and memory care units.
- Benefit Triggers: Coverage begins when an individual is not able to perform a certain number of daily living activities, such as bathing, dressing, and eating.
- Premiums: The coverage cost of LTCI premiums can vary widely based on specific factors such as purchasing the policy, your health, the amount of coverage, and the length of the benefit duration.
- Elimination Period: The benefit plan waiting period between the qualifying time and when the insurance company starts paying the claim amount. It typically ranges from 30 to 90 days, as it covers the cost of policyholder care.
- Benefit Amount: A long-term care insurance policy offers the daily or monthly benefit amount as it sets the maximum amount of insurance paid for care. Provide you with policies that offer inflation protection options.
Insurance Costs
The average long-term care insurance plans cost is $1,200 per year for a 60-year-old man for $165,000 coverage, as per the American Association for Long-term Care Insurance (AALCI).
Annual Median Costs
| Home health aide | Homemaker services | Adult day health care | Assisted living facility | Nursing home care |
| $61,776 | $59,488 | $20,280 | $54,000 for a private one-bedroom | $94,900 for a semi-private room $108,405 for a private room |
Average Costs by Age
| Buyer | Average annual cost for $165,000 LTC insurance policy | Average annual cost for $165,000 policy with 1% inflation growth provision | Average annual cost for $165,000 policy with 5% inflation growth provision |
| Male, age 55 | $900 | $1,295 | $3,500 |
| Female, age 55 | $1,500 | $2,100 | $6,200 |
| Couple, both age 55 | $2,080 | $3,000 | $8,575 |
| Male, age 60 | $1,200 | $1,640 | $3,820 |
| Female, age 60 | $1,960 | $2,650 | $6,800 |
| Couple, both age 60 | $2,550 | $3,425 | $8,550 |
Top Long-term Care Providers in USA
The most famous companies that offer long-term care insurance plans cost policies with several benefits are listed below:
Nationwide
This well-known company offers a broad spectrum of long-term care solutions, and it also specializes in hybrid policies with excellent customer care services to prove the financial stability of the policyholder.
Check Portal: Nationwide
Mutual of Omaha
Long-standing provider with a reputation in the insurance market as it provides both traditional long-term care and hybrid policies. The coverage option offers inflation protection along with care benefits.
Check Portal: Mutual of Omaha
OneAmerica
The OneAmerica company specializes in asset-based care that has the potential for lifetime coverage and provides plans designed for retirement and care planning for older individuals. It gives you flexibility with long-term care insurance that adapts to changing needs.
Check Portal: OneAmerica
Inclusive Benefits
Long-term care insurance plans cost covers the medical expenses commonly associated with long-term services whether you need financial assistance at home or in a facility, includes:
- Nursing home care
- Hospice care
- Home health aides
- Respite care
- Adult daycare centers
- Physical therapy
- Occupational therapy
- Speech therapy
Check out the long-term care insurance policy for exclusions with state-licensed facilities, while others will only cover long-term care in specific state-licensed facilities.