Long Term Care Insurance

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Long-term insurance care insurance coverage can help pay for home health care, nursing home costs, adult day care and other qualifying services. Benefits are paid tax-free after qualifying conditions are met.¹ If you never need long-term care, your beneficiaries will receive your death benefit, tax-free.

What does long term care insurance cover?

Long term care insurance can help pay for:

Home health care
Nursing home costs
Assisted living facilities
Adult daycare
Home modifications (such as outdoor ramps or grab bars for bathrooms)
Care coordination

Do I need long term care insurance?

Most people over 65 have a chance of needing some type of long-term care support in their life.² And contrary to what many people believe, health insurance won’t cover the cost of long-term care. Neither will Medicaid if you have more than $2,000 in assets.³ Medicare will cover some long-term care costs, but only up to 100 days. And only following a three-consecutive-day stay in a hospital, while undergoing treatment.

If you’re interested in long-term care, you may want to consider life insurance policies that let you purchase a long-term care rider at an additional cost.

How much does long term care insurance cost?

Talk to a Nationwide agent about long term care insurance costs and whether it makes sense for you to get long-term care coverage with your life insurance policy.

[1] You must meet certain qualifying conditions and a waiting period before benefits will be paid.

[2] Most older adults are likely to need and use long-term services and supports, ASPE Issue Brief, January 2021.

[3] Countable assets according to Medicaid regulations; varies by state.

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