Today, the number of companies offering coverage is down to about a dozen. Low interest rates, lower-than-expected numbers of clients who drop their policies, and higher-than-predicted claims are to blame, said Scott Witt, a fee-only insurance financial advisor and founder of Witt Actuarial Services in New Berlin, Wisconsin. Clients who buy coverage today generally are also paying more for less generous benefits. Here's a comparison of policies from 1990 versus 2015: Characteristics of long-term care insurance policies in 1990 and 2015 Source: LifePlans, Inc. Analysis of AHIP Reports* Yet the question remains the same: Does it make sense to purchase long term care insurance? Regardless of how you pay for it, the care itself isn't getting any cheaper. The national median monthly cost of home health care and assisted living facilities is $3,861 and $3,628, respectively, according to Genworth Financial. See below for details on assisted living costs across the country. Note that these two services are different than nursing home care, where patients generally require full-time supervision, plus room and board. The monthly national median cost of a private room at a nursing home is $7,698, according to Genworth.
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