A lifetime of retirement savings can be unexpectedly wiped out by a need for nursing home, assisted living, or at-home care. Long-term care insurance can cover these costs and protect savings for families who may need to take time away from work to care for a family member.

Why Is Long Term Care Important?

More of us will need access to long-term care. About 70% of Americans age 65 and older will need long-term care at some point in their lives. This can put pressure on family budgets. The median cost for a one-year stay in a private nursing home is more than $115,000 per year. While home care is less expensive, it can still be costly. A visit by a home health aide today can cost $6,292 a month according to the Genworth Cost of Care Study

How Do Long Term Care Plans Work?

Understanding long-term care insurance equips policymakers, and others working to support families and caregivers, with the knowledge needed to meet Americans’ growing long-term care needs. This guide from the American Council of Life Insurers explains long-term care insurance, including, how it works, the types of policies available, and policy pricing.