Why Buy Long Term Care Insurance? 
70 % of people who are 65 years old will need to use some type of long term care in their lifetime . And , as they age the likelihood of needing long term care will increase . The cost for this care is very expensive and it is not covered by conventional health insurance - commercial carriers or Medicare . This is because our health care system is geared to acute care not long term care . According to the 2015 Genworth survey the national average cost for a semi-private room in a nursing home is about $ 80,000 . More , for a private room . Home Health care costs average $ 20/hour . These expense arise when most people are living on a fixed income with little room for added expenses . Especially , unplanned ones . Baby boomers have not been great at planning for retirement . One year of long term care can ruin someone 's retirement plans . This is what happens in many cases ; families deplete their assets and end up qualifying for Medicaid -LRB- aka Welfare -RRB- to pay for long term care expenses . The question people need to ask themselves is when the need for long term care arises , will they have the money to pay for this care ? This is what long term care insurance can do for them . Insurance is the only financial vehicle that promises a specific amount of money at a point in time . There is no other . Even though this can be an expensive premium , depending on the age at which the policy is purchased , compared to the benefits paid , it is worth the outlay for most people . Not only because it will help pay the bills . Long term care insurance policies offer additional benefits that most people are unaware of . Most importantly , all carriers offer optional care management to assist with the difficult decisions about care , choosing facilities and offering discounts on major providers of care . Many times families need someone to discuss options with who is educated about all the options available and is n't emotionally involved with their situation . This is where the care manager can be of tremendous help and the family does not have to go to the expense of hiring a geriatric care manager . The policies will also pay for modifications to be made to the home to keep the person at home rather than moving them to a nursing home . 