Long Term Care Insurance

Long Term Care Insurance, also known as “LTCI” is an important financial topic to be knowledgeable about. LTCi provides coverage for people who need help with their activities of daily living for an extended time. This can be due to chronic illness, various disabilities or other conditions.

One of the scariest statistics that showcases why LTC is important is the cost of care. Home healthcare or nursing homes can be very expensive. On average, nursing home care (with a private room) costs an individual $92,376 each and every single year1. Does your retirement plan account for this large number? And twice that amount for a married couple?

Consider that you must exhaust all of your financial means before Medicaid will pay for long-term care. And neither your group insurance nor major medical insurance will cover long-term care expenses. This is why there are many examples of family’s finances being devastated by the unplanned costs of long term care expenses.

Long Term Care Insurance Details:

  • Plan ahead! The earlier you purchase LTC insurance, the lower the overall costs will be
  • There are a range of LTC products, all that have different pros and cons
  • Some new hybrid LTC products can ensure that, if you don’t use the LTC benefits, you don’t lose the money or premiums you’ve put into the product
  • Insurance can cover a range of care services. Home care, assisted living or traditional nursing homes are all options
  • As with many types of insurance, you may pay premiums for years and never use the coverage
  • Premiums can be expensive, and some policies may experience an increase in premiums over time
  • Some policies have a waiting period before they pay benefits for LTC costs

Don’t get caught surprised by the high costs of long term care expenses. We can help evaluate your situation and determine if purchasing a long-term care insurance policy or hybrid LTC product is the right move to insure your future.

1 https://longtermcare.acl.gov/costs-how-to-pay/costs-of-care.html

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