Free long term care insurance calculator — estimate LTC insurance costs by age and see what Genworth charges
This free long term care insurance calculator helps you estimate how much LTC insurance will cost you. Long term care (LTC) insurance pays for nursing homes, assisted living, and home health care when you can't care for yourself due to age or illness.
Most people think Medicare will cover nursing home costs — it doesn't. Medicare only covers 100 days of skilled rehab, and that's it. After that, you're on your own.
That's why Genworth, Mutual of Omaha, and other LTC insurers charge what they do — the risk is real and expensive.
The best age to buy is 50-60. If you wait until your 70s, premiums get very expensive and you might not even qualify (they underwrite heavily).
Standalone LTC insurance is controversial — many people never end up needing care, and they feel like they wasted thousands in premiums. That's why hybrid life + LTC policies have become popular:
If you don't have LTC insurance and you need care, you'll have to spend down all your assets first, then Medicaid will cover your nursing home costs. But Medicaid has downsides:
For a couple in their mid-50s, expect $150-300/month each. It gets more expensive as you age. A 65-year-old might pay $400-600/month. Hybrid policies cost more upfront but have guaranteed premiums (they can't go up on you).
No! Medicare only covers short-term skilled nursing care (up to 100 days). It does NOT cover custodial care — the help with bathing, eating, dressing that most people actually need. This is the biggest misconception about retirement planning.
Genworth is the biggest seller of standalone LTC insurance in the US. They also publish the annual Genworth Cost of Care survey, which is the industry standard reference for LTC costs across the country.
It depends. If you have less than $200k in assets, Medicaid will cover you — skip the insurance. If you have more than $2M, you can self-insure. For everyone in between ($200k-2M), LTC insurance is usually worth it — it protects your nest egg from being wiped out by a 5-year nursing home stay.
50-60 is the sweet spot. Premiums are still affordable, and you're healthy enough to qualify. If you wait until your 70s, premiums get very expensive and you might not even pass underwriting. Most people buy in their mid-50s.
It covers care in a nursing home, assisted living facility, or even at home (home health aide, adult day care). Most policies have a benefit period (2-5 years) and a daily benefit cap ($150-300/day). Some policies also cover care from family members.
If you have savings to protect and don't want to burden your family, yes. But it's expensive — many people opt for hybrid life/LTC policies or just self-insure with savings.