The point of having a long-term care insurance policy in place is to help pay for long-term care services and support. Do your potential clients think they can't afford a policy? Well, then they definitely can’t afford to pay for long-term care services. The $200 or so a month for premium way more than pays for itself when you look at the actual cost of care.
In the state of California, the average daily cost of:
A home health aide is $176,
An assisted living facility is $148, and
A private room in a nursing facility is $350.
That is an average monthly cost of:
$5,339 for a home health aide,
$4,500 for an assisted living facility, and
$10,646 for a private room in a nursing home.
Which totals to an average annual cost of:
$64,064 for a home health aide,
$54,000 for an assisted living facility, and
$127,750 for a private room in a nursing home.
And these numbers increased from 2018 to 2019 at an average rate of about 7.12% (See Genworth's Cost of Care Report here). The above graphic gives an idea of the huge loss a few years in a California nursing home can do to someone’s retirement savings. Long-term care insurance can help keep those costs down.