Who pays for long-term care, and what does it cost?
It varies. Payment methods can include self-funding, private insurance, Medicaid (state-sponsored health care for low-income residents), limited Medicare (federally sponsored health care), or Veterans’ Administration funds. Despite a persistent myth to the contrary, Medicare, Medigap insurance, or regular health insurance covers only about 2 percent of long-term care costs. Long-term care can be expensive. The national average cost for private nursing home care is $50,000 to $75,000 a year and can go as high as $120,000 a year. The average stay in a nursing home is 2-1/2 years. Other long-term care services can also be costly. Private assisted living facilities can run about $90 per day. In-home personal care services average between $60 and $120 dollars per day. Back to Top Should I wait until I’m sure I’ll need it? Unfortunately, there is no way to be whether you will require long-term care. If you are a candidate for a Long Term-Care Insurance Policy, you will save money by buying t
