Genworth Financial each year publishes a long term care cost of care survey that is very informative as to what services cost by location. LTC costs are eye popping and daunting, and make college seem like a bargain.
Long term care is expensive but often not all that long. According to National Health Care Statistics provided by the Montana Department of Insurance:
How long do people stay in long-term care facilities?
36% stay less than 1 year
32.5% stay from 1 to 3 years
14% stay from 3 to 5 years
17% stay 5 years or longer
Most people, whether by choice or necessity, opt for in home care. Life insurance with an accelerated living benefit for long term care can help cover LTC costs. This hybrid coverage will grow more and more popular because the premiums are fixed, not like traditional LTC insurance where the company reserves the right to increase premiums.
