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.
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.
Your long-term care insurance rates in Florida depends on these four areas of plan design. The cost also hinges on your age, health history and the type of coverage you choose. The following features of plan design allow you to customize coverage for your situation:
This table lists how much long-term care insurance costs in Florida. These are average monthly costs by purchase age for $144,000 in level benefits, without annual inflation growth. Rates are for preferred health which has the lowest cost.
Florida Long-Term Care Insurance Costs | |||
Age 55 | Age 60 | Age 65 | |
Male | $77 | $93 | $139 |
Female | $111 | $139 | $210 |
Couple | $151 | $185 | $279 |
For the same applicants purchasing a policy with 3% annual inflation growth protection, the average monthly costs are:
Age 55 | Age 60 | Age 65 | |
Male | $139 | $158 | $205 |
Female | $232 | $266 | $347 |
Couple | $296 | $339 | $442 |
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
Like most advisors, we recommend buying LTC insurance in your fifties or early sixties for the following reasons:
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.
Average Cost of Long-Term Care in Florida – 2024 (Annual) | ||||
Region | Nursing Home (private room) | Nursing Home (semi-private room) | Assisted Living (private room) | Home Health Care (44 Hours/week) |
Florida State Median | $136,875 | $118,625 | $57,000 | $68,640 |
Cape Coral Area | $178,850 | $120,633 | $68,100 | $75,504 |
Crestview Area | $124,100 | $102,200 | $37,500 | $38,896 |
Deltona Area | $127,750 | $125,925 | $48,000 | $74,360 |
Gainesville | $120,450 | $112,055 | $96,663 | $68,640 |
Homosassa Springs | $147,460 | $141,985 | $57,000 | n/a |
Jacksonville | $146,000 | $140,525 | $64,200 | $61,776 |
Lakeland Area | $164,250 | $115,705 | $63,504 | $70,928 |
Miami Area | $166,988 | $119,720 | $63,000 | $68,640 |
Naples Area | n/a | $108,040 | $60,810 | $75,504 |
North Port Area | $141,620 | $125,925 | $59,580 | $80,080 |
Ocala | $143,810 | $126,838 | $47,625 | $97,240 |
Orlando Area | $124,465 | $110,413 | $45,870 | $70,928 |
Palm Bay Area | $138,153 | $128,845 | $56,970 | $61,776 |
Panama City | $105,120 | $196,188 | $70,455 | $68,640 |
Pensacola Area | $119,538 | $128,298 | $27,534 | $57,200 |
Port St. Lucie | $112,785 | $106,215 | $70,620 | $68,640 |
Punta Gorda | n/a | $128,115 | $44,685 | $106,392 |
Sebastian Area | $103,295 | $95,995 | $66,000 | $66,352 |
Sebring | $109,500 | $94,900 | $55,140 | $70,928 |
Tallahassee | $317,368 | $196,553 | $80,940 | $52,624 |
Tampa Area | $143,993 | $120,815 | $50,550 | $68,640 |
Options for long-term care insurance in Florida include: Traditional LTC insurance, Hybrid Life LTCI and Hybrid Annuity LTCI. An alternative is Short-Term Care Insurance which is most often selected due to health or age limitations.
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.
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.
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