Understanding Your Long Term Care Insurance Benefits, Part 7: What Are My Future Long-Term Care Options?

Author: Jonathan Marsh

This video aims to look at long-term care options, the cost of those options, and understand how this may impact the pool of money associated with your long-term care insurance policy.

This video is part 7 of a video series created to help individuals obtain a better understanding of Long-Term Care Insurance. More specifically, what Long-Term Care is, who needs Long-Term Care, what the types of Long-Term Care are, what Long-Term Care Insurance covers, Considerations, and whether or not someone can still purchase long-term care insurance.

The entire video series can be found here on our YouTube channel: https://www.youtube.com/watch?v=dAfGKsKQIS4&list=PL8BRKF6RZne9Bi3nhipkU9Iq1YRQ57EJT&index=1


When we talk about future long-term care options, I wanted to show some price comparisons from a national perspective. And this is important to give you an idea of what everything may cost, especially when you're looking at a bucket of money associated with your long-term care insurance policy that you have available to spend.

When you look at the homemaker & companion, home health aide & CNA services, assisted living community, and skilled nursing home, those numbers were taken from the 2021 Genworth Cost of Care Survey and are based on an annual rate divided by 12 months.

For the homemaker companion services and the home health aide & CNA services, it assumes 44 hours of care per week.

The costs for independent living were taken from assistedliving.org. When we looked at their website, they took the assisted living monthly costs from the Genworth Cost of Care Survey and created their estimates based on the assumption that independent living costs approximately 30% to 50% less per month than assisted living.

Now, a couple of important things to note. The first thing is that the homemaker & companion services as well as the home health aide & CNA services are going to vary in terms of cost. Not everyone needs 44 hours of care per week. At our agency, our clients are receiving probably about 20 hours of care per week on average. So the cost for those services, the in-home care services, may actually be less for many than what you see here. In our experience, in-home care is actually going to cost less than assisted living just by nature of the fact that most individuals will require less than 44 hours of care per week. But also note that needs can change over time and sometimes dramatically at any given moment. And I say that because if someone all of a sudden needs round-the-clock or 24-hour care, the cost of in-home care will increase substantially.

Another important note. For all of these, with the exception of independent living communities, in theory, you could file a claim against your long-term care insurance. Let's now talk about independent living communities. Sometimes individuals will downsize from their home and move into an independent living community. However, an independent living community is just as it states, independent. It does not give you the opportunity to initiate a claim on your long-term care insurance because they're not offering any level of care. However, it's very common for individuals living in independent living communities to receive the services of a home care agency like Home Helpers to support them, which could be paid for by long-term care insurance policy benefits.

The main point of this slide is to really understand the cost and understand how it impacts that bucket of money associated with your long-term care insurance policy. Oftentimes, individuals will stay at home and receive services from a home care provider to manage and control those costs and not run out of money. Certainly, however, there are situations where those homemaker & companion or home health aide & CNA services will exceed the cost of living in a facility, and you have to consider those situations as well.

Thank you for watching this video. Make sure you watch the next video as we continue this discussion about long-term care insurance policies.


Home Helpers of Bradenton is one of the region's leading home care franchises specializing in comprehensive services for seniors. Home Helpers' sole mission is to make life easier for clients and their families. Based in Bradenton, Florida, the company serves all of Manatee County, including the communities of Anna Maria, Bradenton, Bradenton Beach, Ellenton, Holmes Beach, Lakewood Ranch, Longboat Key, Palmetto, and Parrish. For more information or to request a free in-home care assessment, contact our office at (941) 499-5946 or visit our website atwww.homehelpershomecare.com/bradenton


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