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Long-Term Care Insurance
Virginia Bar Association Insurance: created by Virginia lawyers for Virginia lawyers. Formerly Virginia Barristers Alliance, Inc.

Serving Virginia's Legal Community Since 2001

Virginia Barristers Alliance, Inc., is now Virginia Bar Association Insurance.


Many people plan for retirement, but few think about what will happen to that plan if they or a loved one were to need long-term care. Many people plan for retirement, but few think about the consequences to their overall nest egg if they or a loved one should need long-term care services.

Help with long-term care health needs can range from assistance in performing basic activities of daily living to highly skilled medical care in a controlled environment. Because the risk of needing long-term care increases with age, it is important to plan for your care needs now, while you are younger and healthier.

The security offered by creating a plan to address these needs can help preserve your savings and assets, your lifestyle, and your independence should you need long-term care.

Individuals and families

A long-term care need can hit anyone at any time – whether you need care yourself, or find yourself in the position of caregiver.

Ultimately, is your spouse or child(ren) going to provide care for you? What is the potential impact this could have on their families and careers if they have to provide the care?

A 2014 study titled “Genworth 2014 Cost of Care Study Virginia,” conducted by Genworth Life Insurance Company, indicates that:

  • A median annual cost for home health aide services in Virginia is $43,472,*
  • A median annual cost for a private room in a nursing home is $84,315.*

* Please refer to the Genworth study referenced for specific median calculations.

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Questions about long-term care

Why consider addressing the potential need?

Medicare does not cover skilled care for 100 days. Skilled care is classified as more than 3 days, treating the same illness, and is accompanied by a plan of care.

Who may need long-term care?

The need for long-term care is hard to predict. Individuals recovering from or living with disease or illness may need it for a few months, years or even for the rest of their life. The type of care needed depends mainly on the physical condition of the individual.

How are expenses covered?

Expenses incurred for long-term care assistance are paid in one of several, or a combination of ways. First, as discussed, Medicare can pay for a very small portion of long-term care expenses. In most cases, the expenses are paid out of pocket by the individual receiving the care. Additionally, if one qualifies, Medicaid could be an option. This usually means that one, as long as he or she qualifies financially, can receive care in a Medicaid-approved facility. Finally, many people work with their personal advisors to craft a plan that addresses the need now – rather than waiting until the need is evident or imminent.

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VBAI staff

The information provided herein is not written or intended as tax or legal advice and may not be relied upon for purposes of avoiding any federal tax penalties. Entities or persons distributing this information are not authorized to give tax or legal advice. Individuals are encouraged to seek specific advice from their personal tax or legal counsel.


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