Long Term Care Insurance San Diego Costs, Companies and Quotes
Long Term Care Insurance San Diego CA
Long Term Care Planning
Long term care insurance can protect your retirement assets. Plus it gives you the peace of mind, knowing you can cover the cost of long term care if you need it in the future. A long term care plan also protects your family from having to be caregivers. And it enables you to choose where you’ll receive any care needed in later years.
San Diego County now has more than 3 million residents. And 28% of all San Diego County households have someone older than 65. This dense population puts strong demand upon the San Diego long term care system.
The residents of San Diego County alone make up almost 10% of the population of California. High demand for long term care services makes San Diego one of the most expensive city’s in the country to receive care.
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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 San Diego, the average cost for 3 years of long term care is $438,000 ($146,000 per year) at 2021 rates. That cost is projected to be $791,076 ($263,692 per year) in 2041.2
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
Cost of Home Care, Assisted Living and Nursing Homes in San Diego
San Diego residents need to know the cost of long term care. Because, the cost of long term care facilities and home health care in San Diego indicates how much long term care insurance you need. Here is the current cost of long term care in San Diego.2
San Diego Long Term Care Costs – 2021 (Annual)
Nursing Home (Private Room): $146,000
Nursing Home (Semi-Private Room): $112,603
Assisted Living (Private Room): $65,700
Home Health Aide (44 Hours/Week): $77,678
How Much Does Long Term Care Insurance Cost?
How much does long term care insurance cost in San Diego? Your long term care insurance rates will depend on your age and health history at the time you buy your long term care insurance. Generally, the younger and healthier you are, the lower the cost. Long long term care insurance premiums also depend on the following benefits you select:
- Benefit Period
- Daily Benefit
- Elimination Period (a deductible in days)
- Inflation Protection (if chosen)
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1. 2022 U.S. Department of Health and Human Services (www.longtermcare.acl.gov), site accessed 02/18/2022
2. Cost of Care Survey 2021 (Genworth.com), site accessed 02/18/2022
3. Family Caregiver Alliance (www.caregiver.org), site accessed 02/18/2022