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Plan for Your Peace of Mind with Long-Term Care Insurance

Our RamseyTrusted insurance pros are ready to guide you toward a plan that gives you confidence in your financial future.

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Learn more about Long-Term Care insurance.

What is Long-Term Care (LTC) Insurance?

Long-term care (LTC) insurance helps cover costs related to a nursing home stay or assisted living facility. It can also cover the cost of caretakers coming to your house when you need help with daily activities, like getting dressed or taking a bath, due to health issues or because you’re just getting older.

Why buy Long-Term Care (LTC) Insurance?

70%

70% of 65 year olds today will need long-term care. 1

20% will need it for more than five years.2

The federal government estimates the average 65-year-old will end up needing $324,900 worth of care.3

How Long-Term Care (LTC) Insurance Works


Talk to a RamseyTrusted Pro

One of our RamseyTrusted independent insurance agents will show you how much insurance you need and what term length is best for you. Once you get your policy, you’ll pay an annual premium for the length of your term.



Choose Your Elimination Period

When you set up your policy, you’ll choose a 1–3-month elimination period. It’s sort of like a deductible. When you need care, you’ll have to pay those costs out of pocket for 1–3 months. After that, your insurance covers you.

Receive Your Insurance
Reimbursements

Payments are most commonly distributed with a daily limit, but some policies also offer monthly limits. Your care will need to remain within those daily or monthly limits. Anything extra will be an out-of-pocket expense. If you don’t recover before your long-term care insurance is up, you’ll have to depend on your own resources or Medicaid.
 

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Who Are RamseyTrusted Pros?

Ramsey Trusted Pro

Your Trusted Guides to Insurance

RamseyTrusted pros are interviewed, vetted and coached to make sure they’re market experts who have your best interest at heart.

Saving You Time and Money

Your pro will shop the insurance market and compare long-term care insurance quotes and discounts for you at no extra cost—so you can sit back, relax and know you’re getting the right coverage.

Protecting What Matters

RamseyTrusted pros make sure you have all the coverage you need and nothing you don’t. You’ll get the right insurance that could save you big time down the road.

Cost of Long-Term Care (LTC) Insurance


It varies widely depending on your demographics. Yearly premiums can run as low as $1,000 to around $10,000.

The average 60-year-old man will pay $1,200 per year for a policy that covers $165,000 in care. The average 60-year-old woman will pay $1,960 for the same level of coverage.4  According to federal data, women outlive men by about five years and need an average of 3.7 years of care as opposed to only 2.2 years for the average man.5,6

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Tax Advantages of Buying Long-Term Care (LTC) Insurance

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• Certain states allow you to count some or all of your premiums as tax-deductible medical expenses.

• The money you receive from your insurer to cover long-term expenses isn’t usually counted toward your income.

• Depending on your age, you could potentially deduct a maximum amount of premiums up to $5,960.7

How to Buy Long-Term Care (LTC) Insurance

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Enter your zip code and answer a few quick questions about yourself.

Match with a RamseyTrusted pro in your area. They’ll contact you within 24 hours and compare quotes for you.

Work with your pro to choose the right coverage at the right price.

What Customers Think

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Ready to Get Started?

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Only pros and providers who do whatever it takes to help you win earn the RamseyTrusted shield. And when it comes to insurance, these folks are determined to get you the coverage you need and nothing you don’t. Seriously—we’d send our moms to them (and most of us have).

Frequently Asked Questions

About Long-Term Care Insurance

Yes! Without long-term care insurance, you’ll have to pay out-of-pocket—and that’s expensive. Long-term care costs around $234,000 in the last five years of a person’s life—or $367,000 if that person has dementia.1 If you have a high enough net worth, you may be able to self-insure. But if you can’t pay, you’ll have to depend on your family and friends to care for you at home or pay for professional care.

At age 60. You’ll pay way lower premiums than someone who waits until they’re older to get coverage, and you won’t waste money on premiums in your 50s when you’re unlikely to need long-term care. Learn more about the right time to buy long-term care insurance.

Yes. And if they won’t do it themselves, you probably should.

You’ll pick a term (a time of 1–10 years) and benefit (the amount your insurer will pay). When you need in-home, assisted living or nursing home care, your insurer will pay your monthly benefit to help cover those costs for the length of your term.

It depends on factors like your age, health, gender and location. You’ll also pay more if you choose a longer term, bigger benefit or inflation protection. Yearly premiums can run as low as $1,000 to around $10,000. Learn more about the costs of long-term care insurance.

Long-term care insurance covers a lot of in-home care costs—including medical care and equipment, task assistance, and home modifications. So if it’s your goal to stay at home, long-term care insurance is a must. It also covers services outside your home like nursing homes, assisted living facilities and adult day care.

(Spoiler alert: Medicare won’t cover many of those costs.)

Yes . . . and no. Medicare covers some costs, but you have to pay the rest. If you can’t, the government can come after your spouse and kids to collect that debt after you pass away. And to add insult to injury, Medicare has lots of limits—so you won’t be able to choose the type or quality of care you deserve.

To encourage folks to buy long-term care insurance and to relieve some of the burden on Medicaid, the government created a partnership plan. State partnership plans let people receive Medicaid benefits after their LTC insurance runs out while protecting their assets (like their home), and it works on a one-to-one ratio. Typically, the government will confiscate assets to pay for any Medicaid you use. With the partnership plan, if you buy $100,000 of LTC insurance, you then get $100,000 in asset protection if you need to use Medicaid because your LTC insurance ran out.

No. Unfortunately, health insurance policies don’t cover long-term care costs.

In some situations, yes. Long-term care insurers may deny you if you have certain health issues. A RamseyTrusted pro can help you find out if you qualify for traditional long-term care insurance. And if you do have a disqualifying health issue, they’ll help you understand your other options—so you can get the care you deserve.

About RamseyTrusted Pros

RamseyTrusted pros are licensed insurance agents who live and work all over the country. They partner with Ramsey because they believe the same thing we do: that getting the right long-term care insurance is an important part of protecting your financial future. That’s why we trust them to serve our customers!

Learn how Ramsey Solutions helps people take control of their finances. Or take a minute to meet our founder, Dave Ramsey.

Independent. They can compare long-term care insurance quotes from multiple local and national insurers to find you the best coverage.

They’re reliable, so they’ll be there when you need them—from shopping for quotes to helping you file claims. And they’ve got the heart of a teacher, so they’ll actually help you understand your long-term care insurance.

Nope! You just pay your insurance premium like normal—no catch, no extra costs.