Maryland Long-Term Care Insurance Costs & Options
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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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?
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 Maryland is $434,883 ($144,961/year). That cost is projected to be $952,884 ($317,628/year) in 2044.3
Understand Long-Term Care Costs
Maryland Long-Term Care Costs – 2024 (annual) | |||
| Region | Nursing Home (private room) | Assisted Living (private room) | Home Care (44 hours/week) |
| Maryland Average | $144,961 | $79,805 | $58,795 |
| Baltimore-Columbia-Towson | $149,577 | $76,518 | $58,806 |
| California-Lexington Park | $118,324 | $100,771 | $54,171 |
| Cumberland Area | $120,645 | $55,547 | $65,317 |
| Hagerstown Area | $142,686 | $86,040 | $52,849 |
| Salisbury Area | $161,874 | $85,714 | $58,134 |
| Rest of State | $117,931 | $80,114 | $63,481 |
Source: Nationwide Financial 2024 annual cost of care survey conducted by HVS, site accessed 4/24/2024
Does Medicare Cover Long-Term Care?
Many people think Medicare will cover their long-term care needs, but this isn’t true. Medicare primarily covers medical care for seniors, such as doctor visits and hospital stays. It doesn’t pay for most long-term care services, like help with daily activities (bathing, dressing, eating) that many people eventually need. Medicare only covers short-term care in a nursing home after a hospital stay and some in-home health care for a limited time. For long-term care, you typically need to pay out of pocket or have long-term care insurance.
Because Medicare does not pay, about 80% of care at home is provided by families and unpaid caregivers. Over half of this care includes intensive 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 Insurance
The best age to buy long-term care insurance is typically in your fifties or early sixties. Purchasing at this time offers several advantages:
- Lower Premiums: Buying insurance at a younger age can lock in lower premiums, making it more affordable in the long run.
- Better Health: You’re more likely to be in good health at these younger ages, increasing your chances of qualifying for a policy and avoiding higher rates due to medical conditions.
- Financial Planning: Securing a policy early allows you to plan for future care costs, ensuring you won’t burden your family with unexpected expenses.
- Peace of Mind: Knowing you’re covered gives you and your loved ones peace of mind, knowing you can afford quality care when you need it.
Planning ahead with long-term care insurance is a smart move to protect your assets and ensure quality care in your later years.
How Much Does LTC Insurance Cost in Maryland?
Your Maryland long-term care insurance rates will depend on your age, health history, plan design and type of coverage selected. The following choices let you choose how much protection is right for your situation:
- Benefit Period
- Daily Benefit
- Elimination Period (a deductible in days)
- Inflation Protection (if chosen)
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Maryland Long-Term Care Insurance Options
These are the types of long-term care insurance plans available in Maryland.
Traditional LTC Insurance—Maryland Long-Term Care Partnership
- The most comprehensive long-term care protection for your dollar
- About half of all long-term care policies purchased
- The broadest set of options
- Recurring 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
- If care is not needed, your asset passes to your estate as a tax-free death benefit
- May build cash value and have a return of premium option
- Premiums will NOT increase and 1035 exchanges possible
- Can be funded with qualified dollars (IRA, 401k, etc.)
- 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 benefits
- If not exhausted paying for long-term care, the annuity will transfer to your estate
- Long-term care benefits are typically double or triple the value of the annuity
- Premiums will NOT increase and 1035 exchanges are possible
- Can be funded with qualified dollars (IRA, 401k, etc.)
- Learn more about Hybrid Annuities with LTC >
Short-Term Care Insurance
- Coverage for a year or less with the option of home health care only, facility only, or both combined
- Lower premiums than long-term care insurance and some policies available to age 89
- Simplified underwriting may be a good fit if you’ve been declined for LTC insurance
- No deductible option means benefits would be paid out as soon as you qualify
- Learn more about Short-Term Care Insurance >
Understand LTC Partnership Plans
Maryland Long-Term Care Partnership Program
Maryland Long-Term Care Partnership Program policies combine private long-term care insurance with Medicaid asset protection. Only Partnership policies provide this type of asset protection when you need nursing home, assisted living or home health care.
The unique asset protection benefits of a Maryland Long-Term Care Partnership policy apply if your care lasts longer than the benefits of your LTC Partnership policy. For example, for every dollar your Long-Term Care Partnership policy pays in benefits, a dollar of assets is protected from the long-term care Medicaid asset limit. The protected assets are also exempt from Estate Recovery in the same amount as the benefits paid by your Partnership policy.
Maryland LTC Partnership Program policy rates are like traditional policies. Still, we recommend comparing them to non-Partnership policies because you may find alternatives better suited to your needs. This includes hybrid long-term care insurance plans not available under the Maryland Long-Term Care Partnership Program.
Partnership Reciprocity
Reciprocity applies when you buy a Long-Term Care Partnership policy in another State and later move to Maryland. Because Maryland has Reciprocity, you will not lose the special Partnership policy asset protection benefit by moving to Maryland. The State of Maryland will also recognize accumulated asset protection for Medicaid qualification, if you were already receiving long-term care benefits before relocating.
Long-Term Care Insurance Companies in Maryland
Maryland long-term care insurance is available from several highly rated insurance companies. We compare these carriers to find you the right plan at the lowest cost. Here is a list of long-term care insurance providers in Maryland:
- Bankers Life & Casualty
- Brighthouse Financial
- Global Atlantic
- LifeSecure
- Mutual of Omaha
- National Guardian Life (NGL)
- Nationwide Life Insurance Company
- New York Life
- Northwestern Mutual
- State Farm
- OneAmerica
- Securian Financial
- Thrivent Financial
Compare Long-Term Care Insurance Options
Our Maryland LTC specialists offer objective guidance on a wide range of long-term care insurance products and strategies. Expect personalized service on topics such as:
✔ Choosing from a variety of long-term care insurance products
✔ Suggestions for the carrier best suited to your situation and goals
✔ Assistance with health qualifying for coverage
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About the Author: Craig Matesky
Reviewed by: Mike Berger