Many people don’t recognize the need for long term care insurance. The average cost for a semi-private room for 1 year is $68,000. The average stay in a LTC facility is 2.2 years. Most people would need to plan for that type of major expense. There is a general feeling among Americans that if they have the need for long term care that their family will take care of them in the home. Although that may be the case, at some point the level of medical assistance needed will surpass the ability of family. Home health care is much less expensive than care in a facility. The average is about $18,000 per year based on 3 visits from a healthcare professional per week. Medicare and health insurance do not pay for LTC. However if you have exhausted all of your assets you may be eligible for Medicaid assistance through your state. It is a last resort for many people as the thought of losing the majority of their assets in order to get the care they need is not something they want to think about. As with any insurance, LTC premiums are based on your age and therefore are less if you are younger when you enroll.