top of page
  • Writer's pictureAmber Hinds

Understanding the Costs of Long-Term Care

As people continue to live longer and healthcare costs rise, the need for long-term care becomes increasingly important. Long-term care can be very expensive, and it's important to understand the costs associated with it so that you can plan accordingly. In this blog post, we will explore the various costs associated with long-term care and some insurance solutions that can help mitigate these costs.

Types of Long-Term Care

There are several types of long-term care, including:

In-Home Care: This is when a caregiver comes to your home to provide care services. This can include help with activities of daily living (ADLs), such as bathing, dressing, and eating.

Assisted Living: This is a residential facility where individuals can receive assistance with ADLs as well as medication management and other healthcare services.

Skilled Nursing Facility: This is a facility that provides around-the-clock medical care and assistance with ADLs.

Costs of Long-Term Care

The costs of long-term care can vary depending on the type of care you need and where you live. According to Genworth's 2021 Cost of Care Survey, the average annual cost of long-term care in the United States is as follows:

In-Home Care: $61,776 per year

Assisted Living: $54,000 per year

Skilled Nursing Facility: $108,405 per year

These costs can quickly add up and can be a financial burden for many families.

Insurance Solutions for Long-Term Care

One way to help mitigate the costs of long-term care is through insurance solutions. There are several types of insurance policies available that can help cover long-term care expenses:

Long-Term Care Insurance: This type of insurance policy is specifically designed to cover long-term care expenses. It typically covers in-home care, assisted living, and skilled nursing facility care.

Life Insurance with Long-Term Care Benefits: This type of policy provides both life insurance coverage and long-term care benefits. If you need long-term care, the policy can pay out a portion of the death benefit to cover those expenses.

Annuities with Long-Term Care Benefits: An annuity is a financial product that provides a guaranteed stream of income. Some annuities offer long-term care benefits, which can be used to pay for long-term care expenses.

It's important to understand the costs associated with long-term care and the insurance solutions available to your clients. At Ashber, we specialize in insurance solutions to pay for long-term care. We offer a variety of options to fit your clients' unique needs and budget. If you're interested in learning more, we invite you to fill out our free quote form on our website at Our knowledgeable insurance specialists will be happy to answer any questions you may have and provide guidance on the best solutions available for your clients.

29 views0 comments


bottom of page