Long Term Care Insurance Los Angeles County Costs and Quotes
Long Term Care Insurance in Los Angeles County
Our long term care insurance Los Angeles County quotes and comparisons will help with your long term care planning. Many people think that long term care planning is just a decision to buy long term care insurance, but it is much more.
Long term care planning is a discussion about how you will fund this potential expense. As well as where you will receive long term care and who will provide that care. Protecting assets against the high cost of long term care is a primary goal of long term care planning. Thus it’s important to know the cost of home health care, assisted living facilities and home care in Los Angeles County. This will tell you how much long term care insurance protection you need.
For starters, consider how the densely populated Los Angeles metropolitan area increases demand and long term care costs. Los Angeles County now has over 10 million residents. This number makes up over 25% of the residents of the entire State of California. Consider that over 23% of Los Angeles County households include someone older than age 65. The City of Los Angeles is the most populous city in the State of California with more than 3.5 million residents. In the City of Los Angeles 21% of all households have one or more persons over age 65.
Who Needs Long Term Care?
Someone turning age 65 today has about a 70 percent chance of needing some type of long term care during their lifetime. While one-third may never need long term care, 20 percent will need it for longer than 5 years. The average length of time people need long term care services is 3 years.1.
In the Los Angeles area, the average cost for 3 years of long term care is $380,514 ($126,838 per year) at 2020 rates. That cost is projected to be $687,252 ($229,084 per year) in 2040.2.
And it’s not only seniors that need long term care. Over 35 percent of people currently receiving long term care services are between 18 and 64.3.
Los Angeles County Cost of Long Term Care Services
The most comprehensive study on the cost of long term care is conducted annually by Genworth Financial. The Genworth 2020 Cost of Care Survey encompasses long term care costs nationally and surveyed over 15,000 long term care providers in 440 regions.
Request LTC Insurance Quotes and Comparisons
ACACIA Insurance Services is a Southern California based insurance agency. We have focused on Long Term Care planning solutions since 1990. We’ll give you professional, unbiased advice so you can choose the best company and benefits for your needs. We shop all major long term care insurance companies in California and give you:
- Price comparisons customized for your specific needs from top carriers such as Genworth Financial, John Hancock, Transamerica, Mutual of Omaha, MassMutual and other top rated insurance providers.
- Benefit comparisons of each LTC company’s insurance policy. This side-by-side comparison will cover both the similarities and differences of each plan.
- Financial stability reviews of each long term care insurance company’s financial ratings, asset base and claims paying experience.
1. 2020 U.S. Department of Health and Human Services (www.longtermcare.acl.gov), site accessed 01/04/2021
2. Cost of Care Survey 2020 (Genworth.com), site accessed 01/04/2021
3. Family Caregiver Alliance (www.caregiver.org), site accessed 01/04/2021