10 Things You Should Know About Long-Term Care Insurance

It can have a high cost and limited choices, but long-term care insurance can make the difference as you age.

Items on a desk including glasses and a paper reading "long-term care insurance."
(Image credit: Getty Images)

When you imagine your retirement journey, you likely picture trips to the beach, leisurely days with the grandkids and lots of time for hobbies. A lengthy stay in a nursing home probably isn’t part of that vision. Yet nearly 70% of Americans turning 65 will need some long-term care and support.

“Everyone thinks they’ll be in the 30%, but the numbers say to plan otherwise,” says Beth Ludden, senior vice president of long-term-care product development at Genworth. The costs of long-term care can be shockingly high. The median cost of a home health aide was $5,148 per month in 2021, while a private room in a nursing home was $9,034 per month, according to Genworth. Ludden expects these costs will continue to rise. 

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David Rodeck
Contributing Writer, Kiplinger's Retirement Report