If you plan to age at home, it’s important to think about how you’ll pay for the help you will need. According to the 2023 Genworth Cost of Care Survey, homemaker services cost about $68,600 annually and home health aides about $75,500—and these costs are expected to keep rising.²

Long Term Care (LTC) insurance can make it easier to age in place by covering costs that make it possible for you to stay in your home. Here are a few ways LTC insurance can help:

Personal care. This can be the most expensive aspect of aging in place. You may eventually need help with activities of daily living (e.g., bathing, dressing, transferring) for just a few hours a day—or round the clock. Many LTC policies can help cover the costs of home health aides.

Family caregivers. If you plan to rely on family members for care, there are financial caregiving costs. Many LTC policies pay informal family caregivers, so your loved ones may be able to earn a wage while providing you with care.

Home renovations. If you develop conditions that require modifications to your home, LTC insurance can help pay for the modifications and equipment you’ll need to keep your home accessible and safe like ramps, stair elevators, or shower handles.

Day programs. LTC insurance can help cover costs for adult day programs, which provide socialization and a break for your caregivers. Some adult day programs are primarily social, while others provide limited health services.

The best time to think about how to age in place is before you need care. Planning ahead allows you to make important decisions while you are still in control. If you plan to age at home and don’t have LTC insurance, now may be the time to evaluate your options.

¹“The Long Term Care Poll on Aging at Home Among Americans Adults,” The Associated Press- NORC Center for Public Affairs Research, May 2021, https://apnorc.org/.
² Genworth Cost of Care Survey, March 2024, https://investor.genworth.com/.