Blog Central

Purchasing long-term care insurance can be a smart move, as long-term care can be costly, especially if you're paying out of pocket. And, when you factor in that most adults will need some type of long-term care after the age of 65, it can make even more sense to consider a long-term care insurance policy. 

Did you know that a private room in a nursing home costs, on average, about $9,800 per month in 2024? And, while home health aides cost less on average, the nearly $6,000 per month price tag can still be difficult to afford out of pocket.

When it comes to the cost of long-term care, paying out of pocket may not be feasible for most Americans. According to a 2023 survey conducted by KFF, an independent health policy research firm, about 90% of adults say it would be difficult or impossible to pay the estimated $100,000 for one year at a nursing home.

Long-term care insurance can be an important type of coverage to consider as you get closer to retirement. And, because the cost of this coverage is based, in large part, on your age and health status, it's typically advisable to purchase coverage before you turn 60.

After a five-year hiatus, the carrier returns to the market, though it’s still losing money on its in-force block.