Long Term Care Insurance San Francisco Costs and Quotes
San Francisco Long Term Care Planning
The City of San Francisco has some of the highest long term care costs in the State of California. Long term care insurance, a form of asset protection, protects you from the high cost of long term care.
San Francisco is one of the most densely populated large cities in California with 825,000 residents spread out over less than 47 square miles. Nearly 14% of San Francisco residents are over the age of 65 and almost 25% of all San Francisco households have a resident over age 65. These demographics coupled with other factors put high demand on San Francisco’s long term care system and drive up the cost of care.
Our representatives can simplify the process of buying long term care insurance in the San Francisco Bay Area. Perhaps the most important step is planning ahead. This means obtaining your LTC protection while you’re enjoying good health. Many health conditions are insurable, but others make it impossible to buy quality long term care insurance.
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 Francisco, the average cost for 3 years of long term care is $547,500 ($182,500 per year) at 2020 rates. That cost is projected to be $988,845 ($329,615 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
Long Term Care Rates in San Francisco
When San Francisco residents consider long term care insurance, it’s important to know the local cost of care. Because, the cost of care tells you how much long term care insurance you need.
The largest study on the cost of long term care is from Genworth Financial. Their 2020 Cost of Care Survey covers national long term care costs and over 15,000 long term care providers in 440 regions.
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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