Genworth Financial is one of the nation’s leading underwriters of long-term care insurance policies so its data is good. In Alaska, the cost is over $300,000 per year so there is a wide range in costs throughout the United States.
The median cost per year grew 6.7% from 2017 to 2018. That well out-paced inflation.
Long-term care insurance is one way to shift that risk but some people can’t qualify for a policy because it is medically underwritten. In fact, the number of long-term care policy purchases have declined in recent years.
One of my services involves asset protection from the high cost of nursing homes.