Florida Long-Term Care Insurance Costs & Providers
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- Traditional Long-Term Care Insurance
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- Long-Term Care Annuities
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Owning long-term care insurance in Florida can have a substantial impact on the future well-being of your family. By preparing in advance, you can ensure security and peace of mind for the years ahead, knowing that you will be able to:
✔ Obtain high-quality and affordable care.
✔ Protect your assets for the benefit of your spouse and other beneficiaries.
✔ Alleviate the burden on your loved ones, sparing them from the responsibility of providing care.
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Did You Know?
Almost 70% of people turning age 65 today will need some type of long-term care in the future. The average length of time people need care is 3 years.1
One-third of people may never need long-term care, but 20% will need it for longer than 5 years. On average women need 3.7 years of care while men need 2.2 years.2
In 2024, the average cost for 3 years of long-term care in Florida is $410,625 ($136,875/year). The cost is projected to be $741,633 by 2044 ($247,211/year).3
Understand Long-Term Care Costs in Florida
Florida Long-Term Care Costs – 2024 (annual) | |||
| Nursing Home (private room) | Assisted Living (private room) | Home Care (44 Hours/week) | |
| Florida Average | $136,875 | $57,000 | $68,640 |
| Region | Nursing Home (private room) | Assisted Living (private room) | Home Health Care (44 Hours/week) |
| Cape Coral Area | $178,850 | $68,100 | $75,504 |
| Crestview Area | $124,100 | $37,500 | $38,896 |
| Deltona Area | $127,750 | $48,000 | $74,360 |
| Gainesville | $120,450 | $96,663 | $68,640 |
| Homosassa Springs | $147,460 | $57,000 | n/a |
| Jacksonville | $146,000 | $64,200 | $61,776 |
| Lakeland Area | $164,250 | $63,504 | $70,928 |
| Miami Area | $166,988 | $63,000 | $68,640 |
| Naples Area | n/a | $60,810 | $75,504 |
| North Port Area | $141,620 | $59,580 | $80,080 |
| Ocala | $143,810 | $47,625 | $97,240 |
| Orlando Area | $124,465 | $45,870 | $70,928 |
| Palm Bay Area | $138,153 | $56,970 | $61,776 |
| Panama City | $105,120 | $70,455 | $68,640 |
| Pensacola Area | $119,538 | $27,534 | $57,200 |
| Port St. Lucie | $112,785 | $70,620 | $68,640 |
| Punta Gorda | n/a | $44,685 | $106,392 |
| Sebastian Area | $103,295 | $66,000 | $66,352 |
| Sebring | $109,500 | $55,140 | $70,928 |
| Tallahassee | $317,368 | $80,940 | $52,624 |
| Tampa Area | $143,993 | $50,550 | $68,640 |
Source: Annual cost of care survey conducted by CareScout®, site accessed 03/14/2024
Does Medicare Cover Long-Term Care?
No, Medicare does not cover long-term care (custodial care). This type of care makes up more than 90% of all long-term care services. Examples of custodial care is when you need help with activities of daily living (walking, bathing, eating, dressing, using the toilet). This is what people need most when they have a physical impairment from a stroke. Or, due to cognitive impairment from dementia or Alzheimer’s disease. Don’t make the mistake of thinking Medicare covers long-term care costs. It doesn’t.
Further, about 80% of care at home is provided by unpaid caregivers. With more than half of this care including intensive caregiving assistance with personal care such as bathing or feeding.4 And it’s not only seniors that need long-term care. Over 35 percent of people currently receiving care are between the ages of 18 and 64.5
When To Buy Long-Term Care Coverage
Like most advisors, we recommend buying LTC insurance in your fifties or early sixties for the following reasons:
- The younger you are when you buy a policy, the lower the annual long-term care insurance premiums.
- Even though you pay premiums a longer period of time, you’ll typically pay less overall than someone buying at an older age.
- By the time you reach your mid sixties, you’re more likely to have a medical condition that makes you ineligible for a preferred-health discount, or makes it tough to get coverage at all.
So it almost never pays to wait. And, while you’re waiting, you’re uninsured. If an accident or illness happens causing you to need long-term care services, you’ll have to pay out of pocket.
Find Out If You Qualify For LTC Insurance >
How Much Does LTC Insurance Cost in Florida?
Florida long-term care insurance rates depend on your age, health history and type of plan you select. Additionally, the cost is dependent on the following four features of plan design allowing you to choose the size of policy and cost:
- Benefit Period: Determine the duration of benefits that suits your needs and budget.
- Daily Benefit: Choose the daily benefit amount based on your preferences and the cost of care in your area.
- Elimination Period: Similar to a deductible but measured in days, the elimination period lets you customize how soon benefits are paid.
- Inflation Protection: If chosen, this option safeguards your coverage against the impact of inflation over time.
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Florida Long-Term Care Insurance Options
These are the types of long-term care insurance plans available in Florida.
Traditional LTC Insurance—Florida Long-Term Care Partnership
- The most comprehensive long-term care protection for your dollar
- About half of all long-term care insurance policies purchased
- The broadest set of options
- Recurring insurance premiums
- Learn more about Traditional LTC >
Hybrid Life Insurance with Long-Term Care
- A permanent life insurance policy that can be used during your lifetime if you need long-term care services
- If long-term care is not needed, your asset passes to your estate as a tax-free death benefit
- Insurance policy may build cash value and have a return of premium option
- Premiums will NOT increase and 1035 exchanges are possible
- Learn more about Hybrid Life with LTC >
Hybrid Annuity with Long-Term Care
- A deferred annuity contract with a fixed interest rate and possible indexing for asset growth plus long-term care coverage
- If not exhausted paying for long-term care services, the annuity will transfer to your estate
- Long-term care benefits are typically double or triple the value of the annuity
- Insurance premiums will NOT increase and 1035 exchanges are possible
- Learn more about Hybrid Annuities with LTC >
Understand LTC Partnership Policies
Florida Long-Term Care Partnership Program
Florida Long-Term Care Partnership policies are available. This Florida insurance program joins private long-term care insurance with Medicaid asset protection. The goal of the Florida Long-Term Care Partnership is to encourage long-term care planning. By planning ahead you can protect yourself from the financial risk of needing nursing facility, assisted living care or home health care.
Special asset protection benefits of Florida Long-Term Care Partnership policies allow you to keep all or part of your assets under the Florida Medicaid program. This unique benefit applies when your long-term care needs last longer than the benefits of your Partnership policy.
The average cost of a Florida Long-Term Care Partnership policy is like a regular (non-partnership) policy. However, we still compare Florida Long-Term Care Insurance Partnership policies with non-partnership policies for you. This can uncover alternatives better suited to your needs. For example, hybrid long-term care insurance policies are not available under the Florida Long-Term Care Partnership Program, but they are chosen by about half of policy holders.
Florida LTC Partnership Reciprocity
The term reciprocity applies if you buy a qualifying Long-Term Care Partnership policy in another state and later move to Florida. Reciprocity allows you to keep the special asset protection when you move to Florida. The State of Florida would also recognize accumulated asset protection for Medicaid qualification if you’re receiving benefits from your Partnership policy before moving to Florida.
Long-Term Care Insurance Providers in Florida
Compare the best long-term care insurance providers in Florida with quotes from multiple highly rated companies. Your Florida LTC specialist will help you find right plan for your situation at the lowest cost.
- Bankers Life & Casualty
- Brighthouse Financial
- Global Atlantic
- LifeSecure Insurance Company
- Lincoln Financial Group (Lincoln MoneyGuard)
- Mutual of Omaha
- National Guardian Life (NGL)
- Nationwide Life Insurance Company
- New York Life
- Northwestern Mutual
- Securian Financial
- State Farm
- State Life Insurance Company (OneAmerica)
- Thrivent Financial
Compare Long-Term Care Insurance Options
Our Florida LTC specialists offer objective guidance on a wide range of long-term care planning products and strategies. Expect personalized service on topics such as:
✔ Choosing from a variety of long-term care insurance products
✔ Suggestions for the provider best suited to your situation and goals
✔ Assistance with health qualifying for coverage
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About the Author: Craig Matesky