No one can say for certain what your long term care will cost.  It depends on many factors such as length of stay, level of care, what facility you choose, etc.  In Kansas, the average daily cost of a nursing home is between $80 to $100/day.  That is $2400 to $3000 a month or $28,800 to $36,000 a year.  Costs are rising.  To meet the cost, it is wise to do some type of planning.  Long Term Care Insurance frequently provides the most cost effective way of providing for yourself, maintaining your independence, enhancing your choices, and protecting your hard earned assets. 

The recent National Long Term Care Survey and National Nursing Home Survey estimate that 43% of all people reaching age 65 in the U.S. will spend some time in the nursing home.  It is far more likely that you will spend some time in a nursing home than be in a car wreck or have your home destroyed.

While there are some benefits for skilled nursing care available through Medicare, they are extremely limited.  Medicare, as it is currently designed, does not cover long term care. 

Medicaid, a combination state/federal program does pay the nursing home expenses of many people, BUT, it is designed for those who have little or no money.  To qualify for assistance in Kansas, you have to have less than $2000.00 in liquid assets and demonstrate need in additional ways.  The current application form is 27 pages long and has to be filed with the state each year.  if you divest yourself of assets, just to qualify for assistance, the state can recover those assets from your family or heirs under certain circumstances. 

What should I look for in a Long Term Care Policy