Long-Term Care Insurance Florida - Costs & Providers

Find a plan that’s right for you with our highly rated companies, multiple plan options, and expert long-term care advisors.
  • Traditional Long-Term Care Insurance
  • Hybrid Life Insurance with LTC
  • Long-Term Care Annuities
 

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Florida long-term care insurance can play a significant role in your family’s future well-being. By planning ahead you can provide security and peace of mind for years to come by knowing you can:

   Secure quality, affordable care.

   Safeguard your assets for your spouse and other heirs.

   Relieve family members and friends from having to provide care.

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Did You Know?

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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

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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

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In 2022, the average cost for 3 years of long-term care in Florida was $346,569 ($115,523 per year). The cost is projected to be $625,941 by 2042 ($208,647 per year).3

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 Health Qualify For Insurance >

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Long-Term Care Insurance - Florida Options

Options for long-term care insurance in Florida include: Traditional LTC insurance, Hybrid Life LTCI and Hybrid Annuity LTCI. An alternatives is Short-Term Care Insurance, most often chosen because of health or age limitations.

 

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Traditional Long-Term Care Insurance

  • The most comprehensive long-term care protection for your dollar
  • About half of all long-term care insurance policies purchased, including Florida Long-Term Care Partnership policies
  • The broadest set of options
  • Recurring insurance premiums
  • Learn more about Traditional LTC >
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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 possible
  • Learn more about Hybrid Life with LTC >
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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 possible
  • Learn more about Hybrid Annuities with LTC >

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.

Long term care insurance providers in Florida.

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.

Average Cost of Long-Term Care Insurance in Florida

The average cost of long-term care insurance in Florida depends on several factors: your age, health history, plan design and type of coverage you select. Plus the following plan design features let you choose how much long-term care insurance is right for your situation:

  • Benefit Period
  • Daily Benefit
  • Elimination Period (waiting period)
  • Inflation Protection (if chosen)

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Long-Term Care Costs in Florida

Average Cost of Long-Term Care in Florida (annual)

RegionNursing Home (private room)Nursing Home (semi-private room)Assisted Living (private room)Home Health Care (44 Hours/week)
Florida State Median$115,523$103,843$48,000$57,200
Cape Coral Area$120,633$110,230$52,005$62,348
Crestview Area$108,405$94,900$59,082$60,632
Deltona Area$108,588$98,550$47,700$54,912
Gainesville$107,675$98,550$28,200$54,912
Homosassa Springs$114,975$105,120$51,000$54,706
Jacksonville$106,580$98,550$55,920$57,200
Lakeland Area$116,435$104,938$39,600$53,768
Miami Area$130,849$108,223$52,620$52,624
Naples Area$178,850$111,325$63,600$66,924
North Port Area$127,385$113,880$49,740$68,640
Ocala$109,500$94,900$46,200$57,200
Orlando$121,910$96,725$48,000$57,200
Palm Bay Area$127,203$116,253$53,532$57,200
Panama City$105,850$103,551$60,966$57,200
Pensacola$117,165$105,120$51,870$57,200
Port St. Lucie$107,310$97,970$45,150$57,200
Punta Gorda$123,735$110,230$40,200$59,488
Sebastian Area$116,161$100,010$40,200$61,204
Sebring Area$96,725$87,600$41,235$57,200
Tallahassee$118,625$109,135$55,800$57,772
Tampa Area$118,625$107,128$40,200$58,344
The Villages$98,973$104,025$62,490$68,640
Data from CareScout® national cost of care survey

Long-Term Care Insurance Providers in Florida

Florida long-term care insurance is available from several highly rated insurance companies. We compare the best insurance providers to find you the right plan at the lowest cost. Here is a list of long-term care insurance providers in Florida:

Compare Long-Term Care Insurance Options

Our 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 planning products

   Suggestions for the insurance provider best suited to your situation and goals

   Assistance with medical underwriting (qualifying) for insurance coverage

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What Our Customers Say

 


1. “How Much Care Will You Need?” LongTermCare.gov, U.S. Department of Health and Human Services, site accessed 6/26/2023
2. “How Much Care Will You Need?” LongTermCare.gov
3. Cost of Care Survey 2021 Genworth.com, site accessed 6/26/2023
4. “Who Will Provide Your Care?” LongTermCare.gov
5. Family Caregiver Alliance Caregiver.org, site accessed 6/26/2023
Please note: Coverages and other features vary between insurers, vary by state, and are not available in all states.