Buying Long-Term Care Insurance
- Rapid rise in senior population
- 25% of area residents older than 65 by year 2025
- State budget facing numerous demands
- Costs of skilled nursing home care rising rapidly
Costs of Long-Term Care
- Assisted Living - $1,400-4,500 / month
- Adult Family Homes - $2,500-5,500 / month
- Dementia / Alzheimer's - $3,000-5,500 / month
- Skilled Nursing Homes - $6,000-8,000 / month
- In-Home Care - $15-75 / hour
- Adult Care - $50-75 / daily
- Respite Care - $80-175 / day
What Does Long-Term Care Insurance Cover?
- Long-Term Care (LTC) Insurance offers flexibility, tailored coverage and control
- Protection of assets
- Avoids or postpones spend down of savings
- Control over health care
- Covers nursing home, assisted living, custodial services, in-home care
Activities of Daily Living
- Long-term care insurance based on activities of daily living (ADL).
- Normal functions of daily living
- Dressing oneself, preparing meals, using the toilet, etc.
- Loss of ADL skills may be normal with aging
- Good long-term care policy meets changing needs
How Much Should You Pay For Long-Term Care Insurance?
- Cost of long-term care insurance varies widely
- Age when buying
- Current health condition (physical may be required)
- Healthy habits (e.g., exercise, non-smoker)
- Features (e.g., inflation protection, triggers)
- Long-term care insurance is not the right for everyone.
- Very expensive for older buyers. Be sure you can afford it.
- Look at other options (e.g., personal savings, income sources).
- Track record and stability of the company selling policy.
- Allow for changes in coverage later on.
- Overly zealous sales representatives.
Resources for You
Statewide Health Insurance Benefits Advisors (SHIBA) Helpline
- Highly trained volunteers
- Impartial information and advice
- Information on various LTC Insurance policies
- Information on Medicaid, elder law trusts, reverse mortgages and more
- One-on-one appointments via phone or in-person
- Group presentations on request
- Call to leave message / questions at (253) 596-0918 or (800) 562-6900
Washington State Office of the Insurance Commissioner (OIC)
- ''A Consumer's Guide to Financing Long-Term Care Insurance and Other Options''
- Produced by the Washington State Office of the Insurance Commissioner.
- Available from SHIBA at (253) 596-0918 or 1-800-397-4422
Federal Citizen Information Center
- Consumer information from the General Services Administration (Publications. USA)
- Most publications free on request or nominal charge
- Guide to Long-Term Care (LTC) Insurance
- Produced by AHIP - America's Health Insurance Plans
Aging & Disability Resource Center (ADRC)
- Long-term support options counseling
- Benefits counseling
- Employment options counseling
- Referral to other programs and services
- Planning for the future
- Urgent needs
- Call (253) 798-4600 or (800) 562-0332
- Monday through Friday, 9 a.m. to 4 p.m.