Massachusetts Long-Term Care Insurance Planning
Find a plan that’s right for you with our highly rated companies, multiple plan options, and expert long-term care advisors.
- Traditional Long-Term Care Insurance
- Hybrid Life Insurance with LTC
- Long-Term Care Annuities
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Long-term care insurance can play a significant role in your family’s future well-being. By planning ahead you can provide security and peace of mind for years to come by knowing you can:
✔ Secure quality, affordable care.
✔ Safeguard your assets for your spouse and other heirs.
✔ Relieve family members and friends from having to provide care.
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Did You Know?
Almost 70% of people turning age 65 today will need some type of long-term care in the future. The average length of time people need care is 3 years.1
One-third of people may never need long-term care, but 20% will need it for longer than 5 years. On average women need 3.7 years of care while men need 2.2 years.2
In 2024, the average cost for 3 years of long-term care in Massachusetts is $549,861 ($183,287/year). That cost is projected to be $1,094,100 ($364,702/year) in 2044.3
Understand Long-Term Care Costs
Massachusetts Long-Term Care Costs – 2024 (annual) | |||
| Region | Nursing Home (private room) | Assisted Living (private room) | Home Care (44 hours/week) |
| Massachusetts Average | $183,287 | $83,625 | $71,610 |
| Barnstable Town | $191,956 | $82,189 | $75,668 |
| Boston-Cambridge-Newton | $187,762 | $84,392 | $70,543 |
| Pittsfield | $175,768 | $63,918 | $68,704 |
| Springfield | $173,404 | $71,538 | $63,752 |
| Worcester | $178,045 | $89,868 | $74,503 |
Source: Nationwide Financial 2024 annual cost of care survey conducted by HVS, site accessed 4/11/2024
Does Medicare Cover Long-Term Care?
No, Medicare does not cover long-term care (custodial care). This type of care makes up more than 90% of all long-term care services. Examples of custodial care is when you need help with walking, bathing, eating, dressing or using the toilet. This is what people need most when they have a physical impairment from a stroke. Or, due to cognitive impairment from dementia or Alzheimer’s disease. Don’t make the mistake of thinking Medicare covers long-term care costs. It doesn’t.
Further, about 80% of care at home is provided by unpaid caregivers. With more than half of this care including intensive caregiving assistance with personal care such as bathing or feeding.4 And it’s not only seniors that need long-term care. Over 35 percent of people currently receiving care are between the ages of 18 and 64.5
When To Buy Long-Term Care Insurance
Like most advisors, we recommend buying long-term care insurance in your fifties or early sixties for the following reasons:
- The younger you are when you buy a policy, the lower the annual premiums.
- Even though you pay premiums a longer period of time, you’ll typically pay less overall than someone buying at an older age.
- By the time you reach your mid sixties, you’re more likely to have a medical condition that makes you ineligible for a preferred-health discount, or makes it tough to get coverage at all.
So it almost never pays to wait. And, while you’re waiting, you’re uninsured. If an accident or illness happens causing you to need long-term care, you’ll have to pay out of pocket.
Massachusetts Long-Term Care Insurance Rates
Your long-term care insurance cost in Massachusetts will depend on your age, health history, plan design and type of coverage selected. The following choices let you decide how much protection is right for your situation:
- Benefit Period
- Daily Benefit
- Elimination Period (a deductible in days)
- Inflation Protection (if chosen)
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Massachusetts Long-Term Care Insurance Options
These are the types of long-term care insurance plans available in Massachusetts.
Traditional Long-Term Care Insurance
- The most comprehensive long-term care protection for your dollar
- About half of all long-term care insurance policies purchased
- The broadest set of options
- Recurring premiums
- Learn more about Traditional LTC >
Hybrid Life Insurance with Long-Term Care
- A permanent life insurance policy that can be used during your lifetime if you need long-term care
- If care is not needed, your asset passes to your estate as a tax-free death benefit
- May build cash value and have a return of premium option
- Premiums will NOT increase and 1035 exchanges possible
- Can be funded with qualified dollars (IRA, 401k, etc.)
- Learn more about Hybrid Life with LTC >
Hybrid Annuity with Long-Term Care
- A deferred annuity contract with a fixed interest rate and possible indexing for asset growth plus long-term care benefits
- If not exhausted paying for long-term care, the annuity will transfer to your estate
- Long-term care benefits are typically double or triple the value of the annuity
- Premiums will NOT increase and 1035 exchanges are possible
- Can be funded with qualified dollars (IRA, 401k, etc.)
- Learn more about Hybrid Annuities with LTC >
Massachusetts Long-Term Care Insurance Partnership
Currently, Massachusetts does not have a long term care partnership program. Although Massachusetts does not have an LTC partnership program, there are long-term care MassHealth Exemptions.
Many states have Long-Term Care Partnership Programs. These programs combine private long-term care insurance coverage with special access to Medicaid. Long-Term Care Partnership Programs allow LTCi Partnership policy holders the ability to shield a portion, or all of their assets, while still being able to qualify for Medicaid. This special Medicaid qualification would be in case their long-term care needs extend beyond the amount payable by their private long term care insurance policy.
MassHealth Long-Term Care Exemptions
If you have MassHealth and long-term care insurance, you may be exempt from some MassHealth eligibility and recovery rules. These exemption rules determine if you will have to sell your home to become eligible for MassHealth benefits. They also determine whether you or your estate will have to pay back MassHealth for the long term care costs it paid for your care.
To qualify for the MassHealth Exemptions, your long-term care insurance policy must provide certain benefits. For example, when you enter a nursing home, your policy must:
- Cover at least 730 days of nursing home care;
- Pay no less than $125 a day for nursing home care; and
- Have an elimination period shorter than 365 days.
To qualify for these MassHealth long-term care exemptions, a Massachusetts long-term care insurance policy must also meet certain standards set by the Division of Insurance. For information on Massachusetts long-term care insurance regulations see 211 CMR 65.05. Our Massachusetts LTC Advisors can further explain the details of these rules.
Long-Term Care Insurance Companies in Massachusetts
Massachusetts long-term care insurance is available from several highly rated insurance companies. We compare these carriers to find you the right plan at the lowest cost. Here is a list of long-term care insurance providers in Massachusetts:
- Bankers Life & Casualty
- Brighthouse Financial
- Global Atlantic
- LifeSecure
- Lincoln Financial (MoneyGuard)
- Mutual of Omaha
- National Guardian Life (NGL)
- Nationwide Life Insurance Company
- New York Life
- Northwestern Mutual
- OneAmerica
- Securian Financial
- Thrivent Financial
Compare Long-Term Care Insurance Options
Our Massachusetts LTC specialists offer objective guidance on a wide range of long-term care insurance products and strategies. Expect personalized service on topics such as:
✔ Choosing from a variety of long-term care insurance products
✔ Suggestions for the carrier best suited to your situation and goals
✔ Assistance with health qualifying for coverage
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About the Author: Craig Matesky
Reviewed by: Mike Berger