Long-term care insurance helps people maintain financial independence and dignity of choice by covering the costs of a nursing home, assisted living, or at-home care.
Many Americans will help loved ones as they transition from living independently to needing assistance later in their lives. Someone turning age 65 today has almost a 70% chance of needing some type of long-term care services in their later years.
Life insurers stand ready to expand coverage through public-private collaboration to address America’s growing long-term care challenges.
45% of Americans are worried about being able to afford long-term care services for themselves or a family member.
Life insurers paid out $9.6 billion in long-term care insurance benefits in 2023.
Long-term care insurance provided by life insurers will save $14 billion in Medicaid expenditures over the next 10 years.
Long-term care insurance allows seniors to age with dignity while protecting a lifetime of retirement savings.
