Odds are you will need long-term care. The Nebraska Long-Term Care Savings Plan (LTCSP) makes it possible for Nebraskans to save money tax-free up to $170,000 per person to pay for long-term care expenses needed at any age, plus pay for long-term care insurance after the age of 50. The money can be transferred to a spouse or other person in whom the account holder has an insurable interest. Even if you can only save a little at a time, an account like this could expand your healthcare options in the future.
LTCSP Savings
More than 60 percent of Nebraskans older than age 65 will need long-term care. Further, long-term care is not just for the elderly. In fact, forty percent of people receiving long-term care are ages 18 to 64.
See what your potential account balance could be if you start saving at the following ages until you are 65, with a $1,000 annual contribution per participant.
| Current Age | Single | Couple |
| 30 | $35,000 | $70,000 |
| 35 | $30,000 | $60,000 |
| 40 | $25,000 | $50,000 |
| 45 | $20,000 | $40,000 |
| 50 | $15,000 | $30,000 |
| 55 | $10,000 | $20,000 |
Average Future Long-Term Care Expenses*
Don't wait to begin saving for your future. Starting earlier means more options. Long-term care expenses will continue to increase over time. With the LTCSP, you can start saving for future expenses while enjoying extra tax benefits today.
By 2020, it is projected that more than 12 million Americans will need long-term care services. While the average costs of long-term care facilities in Nebraska are approaching $40,000 per year, it could cost as much as $100,000 in your lifetime.
| Years From Now | Annual Nursing Home Costs |
In-Home Hourly Care Costs |
Annual Assisted Living Costs |
| 5 Years | $43,760 | $30.00 | $42,543 |
| 10 Years | $55,843 | #39.00 | $54,296 |
| 15 Years | $71,278 | $49.00 | $69,298 |
| 20 Years | $90,973 | $63.00 | $88,443 |
| 25 Years | $116,108 | $80.00 | $112,878 |
| *These projections are adjusted for 5% annual inflation | |||