{"id":11434,"date":"2020-06-19T10:59:00","date_gmt":"2020-06-19T14:59:00","guid":{"rendered":"https:\/\/lifehappens.org\/?page_id=11434"},"modified":"2024-07-24T15:47:47","modified_gmt":"2024-07-24T19:47:47","slug":"how-much-long-term-care-insurance-do-i-need","status":"publish","type":"page","link":"https:\/\/lifehappens.org\/long-term-care-insurance-101\/how-much-long-term-care-insurance-do-i-need\/","title":{"rendered":"How much long-term care insurance do I need?"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; make_equal=&#8221;on&#8221; specialty=&#8221;on&#8221; padding_top_2=&#8221;20px&#8221; padding_right_1=&#8221;50px&#8221; padding_top_bottom_link_1=&#8221;false&#8221; padding_top_bottom_link_2=&#8221;false&#8221; padding_left_right_link_1=&#8221;false&#8221; padding_left_right_link_2=&#8221;false&#8221; custom_css_main_1=&#8221;border-right:1px solid #eeeeee;&#8221; _builder_version=&#8221;4.16&#8243; inner_width=&#8221;90%&#8221; inner_max_width=&#8221;none&#8221; inner_module_alignment=&#8221;right&#8221; custom_padding=&#8221;60px||||false|false&#8221; top_divider_color=&#8221;#3390ff&#8221; top_divider_flip=&#8221;vertical|horizontal&#8221; top_divider_arrangement=&#8221;above_content&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;3_4&#8243; specialty_columns=&#8221;3&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|||&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_row_inner _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;20px||||false|false&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column_inner saved_specialty_column_type=&#8221;3_4&#8243; _builder_version=&#8221;4.16&#8243; global_colors_info=&#8221;{}&#8221;][et_pb_button button_url=&#8221;\/long-term-care-insurance-101&#8243; button_text=&#8221;Long-Term Care Insurance 101&#8243; module_class=&#8221;button_icon_right&#8221; _builder_version=&#8221;4.16&#8243; custom_button=&#8221;on&#8221; button_border_width=&#8221;0px&#8221; button_letter_spacing=&#8221;0px&#8221; custom_padding=&#8221;0em|0em|0em|0em|false|false&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_button][et_pb_text _builder_version=&#8221;4.16&#8243; _dynamic_attributes=&#8221;content&#8221; header_font_size=&#8221;38px&#8221; custom_margin=&#8221;||||false|false&#8221; custom_padding=&#8221;||||false|false&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221;]@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF90aXRsZSIsInNldHRpbmdzIjp7ImJlZm9yZSI6IjxoMT4iLCJhZnRlciI6IjwvaDE+In19@[\/et_pb_text][et_pb_text _builder_version=&#8221;4.16&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>There is no one-size-fits-all answer to the question of how much long-term care insurance you need. That\u2019s because everyone\u2019s situation is different, and the amount of long-term care insurance you need will depend on several different factors. They include:<\/p>\n<ul>\n<li>Your age<\/li>\n<li>The cost of care in the geographic region in which you live (or plan to receive care)<\/li>\n<li>Your personal health history<\/li>\n<li>Your family\u2019s health history<\/li>\n<li>The kind and extent of care you\u2019d want and if you can count on family members for any amount of care<\/li>\n<li>The period of time you want the policy to cover<\/li>\n<li>Your financial situation and personal budget for coverage<\/li>\n<\/ul>\n<p>One method for calculating how much long-term care coverage you need is to subtract the daily cost of care in your area from your daily income. For example, let\u2019s say you make $4,000\/month, or $133\/day. And let\u2019s also use the median daily cost of $247 for a semi-private room in a nursing home.\u00b9 This means you\u2019d want a benefit of at least $114\/day.<\/p>\n<p>That said, this method should only be used to get a rough idea of how much long-term care coverage you may need. The best way to know for sure is to work with a financial professional who can walk you through the entire process.<\/p>\n<p>[\/et_pb_text][\/et_pb_column_inner][\/et_pb_row_inner][et_pb_row_inner _builder_version=&#8221;4.16&#8243; global_colors_info=&#8221;{}&#8221;][et_pb_column_inner saved_specialty_column_type=&#8221;3_4&#8243; _builder_version=&#8221;4.16&#8243; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.16&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>Today\u2019s Long-Term Care Insurance<\/h2>\n<p>[\/et_pb_text][et_pb_text _builder_version=&#8221;4.16&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>In years past, you typically bought long-term care insurance as a standalone policy. This kind of policy offered coverage only for long-term care coverage in either your home or in a specialized facility.<\/p>\n<p>Today, nearly all long-term care insurance policies are bundled with life insurance coverage (or an annuity). This means you get two important coverages in one policy: life insurance coverage that offers your loved ones financial support if you were to pass away and long-term care coverage if a chronic illness or disability required you to need long-term care.<\/p>\n<p>There are <a href=\"\/long-term-care-insurance-101\/what-are-my-options-for-long-term-care-insurance\/\">many benefits to these long-term care insurance hybrid policies<\/a>. But they do add another decision to the process of deciding how much coverage you need. That\u2019s why it\u2019s so important to work with a financial professional. He or she can help you find a policy that works with your life and your budget\u2060\u2014plus, you may also be able to deduct long-term care insurance premiums from your federal and state taxes. Learn about the <a href=\"\/long-term-care-insurance-101\/where-can-you-buy-long-term-care-insurance\/\">three main ways to get long-term care insurance<\/a>.<\/p>\n<p>[\/et_pb_text][\/et_pb_column_inner][\/et_pb_row_inner][et_pb_row_inner _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; locked=&#8221;off&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column_inner saved_specialty_column_type=&#8221;3_4&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; text_font_size=&#8221;12px&#8221; text_line_height=&#8221;1.4em&#8221; global_colors_info=&#8221;{}&#8221;]\u00b9 <a href=\"https:\/\/www.genworth.com\/aging-and-you\/finances\/cost-of-care.html\" target=\"_blank\" rel=\"noopener noreferrer\">Genworth\u2019s Cost of Care Survey<\/a>[\/et_pb_text][\/et_pb_column_inner][\/et_pb_row_inner][\/et_pb_column][et_pb_column type=&#8221;1_4&#8243; _builder_version=&#8221;4.16&#8243; custom_padding=&#8221;|||&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text _builder_version=&#8221;4.14.2&#8243; text_font=&#8221;Montserrat|600||on|||||&#8221; text_font_size=&#8221;15px&#8221; custom_margin=&#8221;0px||0px||false|false&#8221; custom_padding=&#8221;58px|||20px|false|false&#8221; global_module=&#8221;2892&#8243; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p>Learn more<\/p>\n<p>[\/et_pb_text][et_pb_sidebar orientation=&#8221;right&#8221; area=&#8221;et_pb_widget_area_7&#8243; show_border=&#8221;off&#8221; _builder_version=&#8221;4.4.9&#8243; body_text_color=&#8221;#002838&#8243; body_font_size=&#8221;14px&#8221; body_line_height=&#8221;1.3em&#8221; custom_padding=&#8221;20px|80px|||false|false&#8221; global_module=&#8221;11348&#8243; global_colors_info=&#8221;{}&#8221;][\/et_pb_sidebar][\/et_pb_column][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There is no one-size-fits-all answer to the question of how much long-term care insurance you need. That\u2019s because everyone\u2019s situation is different, and the amount of long-term care insurance you need will depend on several different factors. They include: Your age The cost of care in the geographic region in which you live (or plan [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":11271,"menu_order":5,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"class_list":["post-11434","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How much long-term care insurance do I need? &#8211; Life Happens<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lifehappens.org\/long-term-care-insurance-101\/how-much-long-term-care-insurance-do-i-need\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How much long-term care insurance do I need?\" \/>\n<meta property=\"og:description\" content=\"[et_pb_fullwidth_module_placeholder selected_tabs=&quot;all&quot;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/lifehappens.org\/long-term-care-insurance-101\/how-much-long-term-care-insurance-do-i-need\/\" \/>\n<meta property=\"og:site_name\" content=\"Life Happens\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/lifehappens.org\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-24T19:47:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/lifehappens.org\/wp-content\/uploads\/2021\/06\/og_image_LifeHappens_logo.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@lifehappens\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/lifehappens.org\/long-term-care-insurance-101\/how-much-long-term-care-insurance-do-i-need\/\",\"url\":\"https:\/\/lifehappens.org\/long-term-care-insurance-101\/how-much-long-term-care-insurance-do-i-need\/\",\"name\":\"How much long-term care insurance do I need? 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