Costs vary significantly by state
Used to calculate the likelihood and timing of needing care
Select the type of long-term care most relevant to your planning
Average LTC need is 2–3 years; women average longer than men
401k, IRA, savings — what you'd have to draw from to pay for care
Want to Discuss Long-Term Care Planning?
LTC planning is complex. A free review walks you through what coverage makes sense for your age, health, and financial situation.
Licensed Insurance Agent · No obligation
How This Affects Your Retirement Savings
⚠️ What Medicare Does and Does NOT Cover
Medicare Part A covers up to 100 days of skilled nursing care after a qualifying 3-day hospital stay — and only if you need daily skilled care. Days 1–20 are fully covered. Days 21–100 require a $204.00/day copay in 2026. After day 100, Medicare pays nothing.
Medicare does not cover custodial care — help with bathing, dressing, eating, or toileting when no skilled nursing is needed. This is the care most people actually need long-term, and it is entirely your responsibility to fund.
Ways to Protect Against Long-Term Care Costs
🛡️ Traditional LTC Insurance
Pays a daily or monthly benefit for qualified care — nursing home, assisted living, or home care. Premiums depend on age and health at application. The younger and healthier you are when you apply, the lower your premium. Most policies have a 90-day elimination period before benefits begin.
🔗 Hybrid Life/LTC Policies
Combines life insurance with a long-term care rider. If you need LTC, the policy pays for care. If you never need LTC, your heirs receive a death benefit. Premiums are typically fixed and the policy can't be cancelled. Growing in popularity as traditional LTC premiums have risen.
🏛️ Medicaid Planning
Medicaid covers nursing home care for those who qualify financially — but requires spending down most of your assets first. New York, Florida, and Massachusetts (MassHealth) all follow the federal 5-year look-back period on asset transfers, though specific asset limits and spousal protections vary by state. Medicaid planning with an elder law attorney can help protect some assets for a spouse.
💰 Self-Insuring
If you have significant retirement savings, you may choose to set aside funds specifically for potential LTC costs. This works best with $500,000+ in liquid assets. The risk is that a longer-than-average care need could deplete savings significantly faster than planned.
Long-Term Care Planning Is Complicated. We Can Help.
LTC insurance options, Medicaid planning, and hybrid policies are complex. A free review walks you through what makes sense for your age, health, and financial situation.
Licensed Insurance Agent · No obligation
2026 Long-Term Care Costs — NY, FL & MA
Based on the Genworth/CareScout Cost of Care Survey (2024). Costs vary by region within each state — for example, New York City, Boston, and South Florida metro areas typically run 15–25% higher than the rest of their state.
| Care Type | New York (mo) | Florida (mo) | Massachusetts (mo) |
|---|---|---|---|
| Nursing Home — Semi-Private | $14,235 | $10,342 | $13,688 |
| Nursing Home — Private Room | $16,068 | $11,558 | $14,600 |
| Assisted Living Facility | $6,844 | $4,750 | $7,120 |
| Memory Care / Dementia Unit | $8,200 | $5,700 | $8,544 |
| Home Health Aide (44 hrs/wk) | $7,150 | $5,720 | $9,058 |
| Homemaker Services (44 hrs/wk) | $6,292 | $5,034 | $7,971 |
Source: Genworth/CareScout Cost of Care Survey 2024, cross-referenced with state-specific elder care data. Memory care figures are estimated at a typical 15–20% premium over assisted living, as memory care is not separately tracked in all survey years. Costs increase approximately 3–5% annually.
Frequently Asked Questions
Why doesn't Medicare cover long-term care?
Medicare is designed to cover medically necessary skilled care, not the custodial, day-to-day assistance most long-term care actually involves (bathing, dressing, eating). Medicare will pay for a limited stay in a skilled nursing facility after a qualifying hospital stay, but that coverage is capped at 100 days and requires ongoing skilled care — it isn't a solution for extended custodial care.
Does Medicaid cover long-term care instead?
Yes, but only after you've spent down most of your assets to meet strict state income and asset limits, and only at Medicaid-approved facilities. Each state also enforces a 5-year "look-back" period on asset transfers — giving away money or property to qualify sooner can trigger a penalty period of Medicaid ineligibility.
Is long-term care insurance worth buying?
It depends on your assets, family health history, and risk tolerance. LTC insurance can protect savings from being wiped out by an extended care need, but premiums can be significant and policies purchased later in life or after a health decline can be expensive or unavailable. It's generally most cost-effective when purchased in your 50s or early 60s while still in good health.
How accurate are these cost estimates for my specific area?
These figures are statewide averages from the Genworth/CareScout survey. Actual costs can vary 15–25% or more within a state depending on region — major metro areas like New York City, Boston, and South Florida typically run well above the state average, while rural areas often run below it. Use this estimator as a planning baseline, then get quotes from specific facilities in your area.
More Free Medicare & Retirement Tools
IRMAA Calculator
Find out if your income triggers Medicare premium surcharges in 2026.
Medicare Advantage vs. Supplement
Answer 6 questions to find out which Medicare plan type fits your situation.
Social Security Break-Even
Find the optimal age to claim Social Security benefits.
Life Insurance Needs Calculator
Find out exactly how much life insurance coverage your family needs.