Why should I consider maintaining coverage?
Even in the face of premium increases, long-term care insurance can offer value to those who made the decision to purchase such insurance. We see this every day when we pay out claims to our customers. There are a number of factors that affect the possibility that you will need care such as age, gender, disability, health status and living arrangements. For details go to: LongTermCare.gov. As you evaluate what is best for you, we encourage you to review the current and projected cost of care in your area. For current cost of care information specific to your area, please visit our Cost of Care website.
Cost of Long-Term Care Services
Shown below is the national annual median cost for long-term care services. As you think about your coverage, consider publicly available resources regarding current costs of long-term care. For example, the national accounting firm PwC prepared an industry study1 that indicates:
The average duration for a long-term care event is about three years, and
Approximately 75% to 80% of long-term care events will cost less than $250,0002
These figures are averages and approximations and your actual results may be different. The U.S. Department of Health and Human Services also has information on cost of care at longtermcare.acl.gov
Annual Median Cost of Long-Term Care Services3
| Homemaker Services | $75,504 |
| Home Health Aide | $77,792 |
| Adult Day Health Care | $26,000 |
| Assisted Living Community⁴ | $70,800 |
| Nursing Home (Semi-Private Room) | $111,325 |
| Nursing Home (Private Room) | $127,750 |