The average cost of a nursing home is now $9,000/month, and Medicare doesn't cover long-term care. Long-term care insurance can protect your savings, but premiums of $200-400/month give many people pause.
LTC Insurance Costs
- Age 55: $150-250/month per person
- Age 60: $200-350/month
- Age 65: $300-500/month
- Age 70+: often declined or $600+/month
Do You Need It?
If your net worth is under $300K, Medicaid will eventually cover care. If over $2M, you can likely self-insure. The middle — $300K to $2M — is where LTC insurance provides the most value, protecting assets from being depleted by care costs.
