https://www.ltcinsuranceconsultants.com/long-term-care-insurance-texas/#:~:text=In%202022%2C%20the%20average%20cost,153%2C713%20per%20year)%20in%202042.&text=And%20i t's%20not%20only%20seniors,are%20between%2018%20and%2064.
Below are some projections for the State of Texas. Some of this might be partly sales pitch, but still worth thinking about. Scary. Some of this might apply nationwide....
"Someone turning age 65 today has about a 70 percent chance of needing some type of long term care during their lifetime. While one-third may never need long term care, 20 percent will need it for longer than 5 years. The average length of time people need long term care services is 3 years.1
In 2022, the average cost for 3 years of long term care in Texas is $255,321 ($85,107 per year). That cost is projected to be $461,139 ($153,713 per year) in 2042.2
And it’s not only seniors that need long term care. Over 35 percent of people currently receiving long term care services are between 18 and 64.3 "
1. 2022 U.S. Department of Health and Human Services (www.longtermcare.acl.gov), site accessed 11/08/2022
2. Cost of Care Survey 2021 (Genworth.com), site accessed 11/08/2022
3. Family Caregiver Alliance (www.caregiver.org), site accessed 11/08/2022
How many of us are allocating some health care expenses to cover 3 years of LTC services? How much? What age?
I'd use the genworth.com calculator to project and dial this in. Verbiage such as what's posted here is very broad and vague. If it is indeed a sales pitch for LTC insurance, they're probably gaming the costs by assuming private room in a nursing home, all the bells and whistles, jacking the inflation rate, and so forth.
I have a client who said her mom got to the point when she had to get the care, but then passed away half-way into the 90 day elimination period, so after all those expensive premiums, didn't get the help. Just like the LTC insurance companies hope will happen.
They also don't like to cover alzheimers/dementia, the most likely reason you'd need long-term care.
