Minnesota Long-Term Care Insurance Costs & Providers
Discover the best long-term care plan for your needs with our:
- Knowledgeable long-term care specialists
- Highly rated insurance companies
- Wide range of plan options
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Investing in long-term care insurance is essential for securing your family’s future well-being. By preparing in advance, you can ensure financial stability and peace of mind for the years ahead 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 Minnesota is $470,577 ($151,758/year). That cost is projected to be $1.2 Million ($402,659/year) in 2044.3
Understand Long-Term Care Costs
Minnesota Long-Term Care Costs – 2024 (annual) | |||
| Region | Nursing Home (private room) | Assisted Living (private room) | Home Care (44 hours/week) |
| Minnesota Average | $151,758 | $64,507 | $81,250 |
| Duluth Area | $144,535 | $61,919 | $68,090 |
| Mankato-North Mankato | $167,086 | $75,023 | $84,616 |
| Minneapolis-St Paul | $147,794 | $64,742 | $84,594 |
| Rochester | $151,758 | $60,797 | $77,193 |
| St. Cloud | $170,504 | $63,472 | $92,038 |
Source: Nationwide Financial 2024 annual cost of care survey conducted by HVS, site accessed 4/25/2024
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 walking, bathing, eating, dressing or 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 Insurance
Most advisors recommend purchasing long-term care insurance in your fifties or early sixties for specific reasons:
- Buying at a younger age usually means lower annual premiums and overall costs as opposed to waiting until an older age.
- Waiting until even your mid sixties may result in medical conditions that could make it challenging to obtain coverage or qualify for discounts.
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, you’ll have to pay out of pocket.
How Much Does LTC Insurance Cost in Minnesota?
Your Minnesota 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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Minnesota Long-Term Care Insurance Options
These are the types of long-term care insurance plans available in Minnesota.
Traditional Long-Term Care Insurance—Minnesota LTC Partnership Program
- 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
Minnesota Long-Term Care Partnership Program
Minnesota Long-Term Care Partnership policies give you the advantage of both private long-term care insurance and Medicaid asset protection. This type of asset protection is exclusive to LTC Partnership policies and is applicable for nursing home, assisted living, or home care needs.
With your MN Long-Term Care Partnership policy, each dollar of benefits paid safeguards a corresponding dollar of assets from the long-term care Medicaid asset limit. Moreover, the assets protected are also exempt from Estate Recovery, equal to the amount of benefits provided by your Partnership policy.
While the Minnesota Long-Term Care Partnership Program policy rates are the same as traditional policies, it is recommended to compare them against non-Partnership policies to potentially discover more suitable alternatives. This includes exploring hybrid long-term care insurance plans that are not offered through the Minnesota Long-Term Care Partnership Program.
Partnership Reciprocity
Moving to Minnesota after purchasing a Long-Term Care Partnership policy in another state does not result in the loss of the special asset protection benefit. Thanks to reciprocity, Minnesota acknowledges and preserves this benefit. Furthermore, if you were already receiving long-term care benefits from your policy before relocating, Minnesota would also consider the accumulated asset protection for Medicaid qualification.
Long-Term Care Insurance Companies in Minnesota
In Minnesota, you can buy long-term care insurance from a variety of top-rated insurance companies. We evaluate these carriers to assist you in selecting the most suitable plan at a competitive rate. Check out this list of long-term care insurance providers in Minnesota:
- Bankers Life & Casualty
- Brighthouse Financial
- Global Atlantic
- LifeSecure
- Mutual of Omaha
- National Guardian Life
- Nationwide Life Insurance Company
- New York Life
- Northwestern Mutual
- OneAmerica
- Securian Financial
- State Farm
- Thrivent Financial
Compare Long-Term Care Insurance Options
Our Minnesota 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