Should I Pay for Long-Term Care Insurance?
Should you be thinking about purchasing long-term care insurance for yourself and your spouse? Often, this is a question that middle-aged adults in their 40s and 50s begin to consider as they are assisting elderly parents with issues of long-term care, including Medicaid planning and paying for nursing home care. Most of us are not thinking about the type of care we will need in our 60s or 70s, or sometimes even in our 80s or at an older age, but data suggests that a high percentage of adults in retirement will require some form of long-term care, and many for at least two years.
Long-term care insurance is a specific type of insurance that is not typically part of other insurance plans, and it is designed specifically to help cover the very high costs of long-term care in a nursing home. Should you be considering this type of insurance? Should you also be urging your elderly parents to pay for it for themselves? Our Connecticut elder law and estate planning attorney can say more.
Understanding How Long-Term Care Insurance Works
Long-term care insurance is designed to cover the high costs associated with long-term care in a nursing home in the event you need medical care and assistance with various activities of daily living. Medicare will not cover these costs for an extended period of time. Instead, you will need to “spend down” or consider other options for asset protection in order to have Medicaid cover the costs if you do not have long-term care insurance that can pay. In 2025, the average annual cost of nursing home care in a semi-private room was $182,496. The average cost for a private room totaled more than $200,000. Those costs are likely to increase in coming years.
Long-term care insurance usually begins to pay out once you need long-term care and assistance with activities of daily living. However, not all policies are created the same, and there may be a deductible to pay (amount can vary depending on the policy) and a set waiting period from the time you begin receiving care to when the benefit will kick in.
Who Should Buy Long-Term Care Insurance?
If you do not anticipate being able to cover the costs of a nursing home out of pocket, and you can afford the premium, you should consider long-term care insurance.
Premiums are typically based on your age and health, as well as what the policy offers — including the total daily or monthly benefit available (which can be up to or more than $200,000 per year in total), as well as the waiting period (which can range from no waiting period to up to 365 days).
Contact a Canton Elder Law and Estate Planning Lawyer for Assistance with Long-Term Care Planning in Connecticut
If you have any questions about long-term care insurance, or estate planning more broadly in relation to long-term care planning, an experienced Canton elder law and estate planning attorney at the Law Office of Brian S. Karpe can speak with you today to answer your questions and help you to determine your needs. Contact our firm for assistance.
Source:
portal.ct.gov/oha/health-care-plans/other-plans/long-term-care-insurance?language=en_US
