Long-Term Care Insurance

Retirement

Long-term care insurance covers extended care needs (nursing home, in-home assisted living, memory care) that Medicare and health insurance don't cover. About 70% of Americans over 65 will need some long-term care; average nursing home costs $108,000+ annually. Premiums range $2,000-$5,000 annually depending on age and health when purchasing. Buy in your 50s or early 60s — older or unhealthy applicants face high premiums or denial. Hybrid life insurance + LTC policies guarantee a death benefit if LTC isn't used. Alternatives: self-insure with substantial assets, rely on Medicaid (requires asset spend-down), family caregiving.