Long Term Care Insurance

Long term care can be challenging to talk about. After all, no one wants to think about themselves or loved ones being unable to live on their own.   However, if you’re looking to protect your retirement nest egg, long term care insurance is a must.  


Shopping for long-term care insurance can be a tedious task, especially if you don’t want to overpay for your coverage.  

The good news is that our independent agency is here to help you shop and compare the top-rated companies and the best policies on the market.  Our team of experts is here to answer your question and save you both time and money when shopping for coverage.    

Get started today by filling out the form on your screen.  Our services are free. And there’s never any obligation when working with an agent. 

The Importance of Long Term Care Insurance

Did you know that 70% of Americans over age 65 will require some form of long-term care before they die?  Yet only 11% of the individuals over age 50 own a long-term care insurance policy. As a result, millions of families each year go bankrupt due to long term medical costs.

It’s essential to understand that as we age, the likelihood of needing long-term care increases, and at the same time, the older we get, the tighter our finances become. This double-edged sword has created a financial crisis for America’s senior population. We can either turn a blind eye away from these facts or prepare for the future’s uncertainty.

Everyone Needs a Plan

Since 7 out of 10 of us will require long-term care, it’s essential to plan to handle this likely event awaiting us in the future.

It’s no secret that long-term medical care is costly. Without insurance coverage, the cost can equate to hundreds of thousands of dollars. Brain diseases, cancers, strokes, and other common chronic conditions frequently bankrupt middle-class families unprepared for the accompanying costs.

Costs of Care

Below are the national average costs for long term care treatments in the United States. This data is from 2016 and has likely increased.

  • $225 a day or $6,844 per month for a semi-private room in a nursing home
  • $253 a day or $7,698 per month for a private room in a nursing home
  • $119 a day or $3,628 per month for care in an assisted living facility (for a one-bedroom unit)
  • $20.50 an hour for a health aide
  • $20 an hour for homemaker services
  • $68 per day for services in an adult day health care center

The ultimate cost of long-term care depends on the type and duration of care you need, the provider you use, and where you live.

If we know expensive medical bills will likely come in the future, what options do people have to prepare?

Three Ways To Prepare For Long Term Care Expenses

Long Term Care Insurance 

If you can afford it, the easiest way to protect yourself from long term medical costs is with a long term care insurance policy.  These policies establish a daily benefit amount that lasts for several years. The policy benefits become available if you can no longer perform two out of six daily living activities: eating, bathing, getting dressed, toileting, mobility, and continence.

Self Fund

Another option is to self-fund your medical expenses as they come.  Though difficult, this can be achieved through disciplined saving, investing, and portfolio building.  However, keep in mind that most people lack the financial means to self-fund the high cost of long term care.

Attach a Rider to an Existing Life Insurance Policy or Annuity 

If you already own a life insurance policy or annuity, you can likely add a LTC rider to your existing policy. If you already own one of these policies, adding a LTC rider may be the cheapest way to secure long term care coverage. If you don’t own a life insurance policy or an annuity, we still suggest exploring your options.

Personalized Long Term Care Insurance Quotes


Understanding Long Term Care Insurance

There are three types of long term care insurance policies.  Each one provides different benefits.

  • Traditional LTC insurance coverage establishes a multi-year coverage policy. These policies provide a daily benefit amount and coverage for a range of long-term care services.
  • Short Term Care Insurance is a shortened version of long-term care policies. They provide a daily benefit amount, various covered services; the only difference is these policies are for 12 months at a time.
  • Hybrid Life Insurance Policies give you the benefits of long term care insurance and a life insurance policy wrapped in one.  With traditional LTC coverage, if you do not use your benefits, they expire with the policy. Hybrid Life insurance policies provide long-term care coverage if needed, and if not, the policy value is converted into a death benefit for your surviving beneficiary.

What Does Long Term Care Insurance Cover

Long term care can take many shapes.   However, all ongoing care services fall into two distinct categories.

At-home personal care 

The majority of long-term care services do not occur inside a hospital or care facility; rather, they occur within your own home. At-home personal care is the most common type of long term care and is administered if you cannot perform daily activities such as eating, bathing, dressing, and mobility. These services are performed by a caretaker or specialized nurse but do not need admittance into an expensive care facility.

Admitted Care

More intensive forms of long term care require services administered by nurses, therapists, and specialized professionals.  These services typically require admittance into a hospital, nursing home, or care facility.  

Regardless of which type of care you may need, a long term care insurance policy provides financial protection for both.

What Does Long Term Care Insurance Cover?

  • Nursing home care
  • Assisted living facilities
  • Adult daycare services
  • In-home care
  • Home modification
  • Care coordination

Policy Affordability 

It’s no secret that LTC insurance is not cheap. However, paying out-of-pocket for ongoing medical care is also not cheap, and if needed, can quickly dwarf the cost of a monthly policy.

It’s important to understand that many factors contribute to the cost of long term care insurance. Each policy has design and benefit options that affect your monthly premium.

According to the American Association for Long Term Care Insurance, the average yearly cost for a LTC insurance policy in 2019 was $3050. While this number may be more than you’re looking to spend, keep in mind the yearly cost of long term care if forced to pay out-of-pocket.

Yearly out-of-pocket care cost for individuals without long term care insurance. 

At-home personal care

  • Homemaker services – $53,768
  • Home Health Aid – $54,912

Community & Assisted Living

  • Adult day health care – $19,240
  • Assisted living facility – $51,600

Nursing Home Facility 

  • Semi Private room – $93,075
  • Private Room – $105,850

Though a long term care policy may require some adjustments within your budget, those challenges are far less than facing the extreme costs of long term care without insurance coverage. 

Can I get Long Term Care Insurance with a Pre-Existing Condition?

As with all insurance products, long-term care policies do have medical underwriting.  As a result, not everyone will qualify for coverage.   Unfortunately, most individuals suffering from pre-existing medical conditions will not qualify for long term care insurance.

However, don’t lose faith just yet.  Insurance providers weigh medical conditions differently. What may get declined with one provider may get approved by another. The biggest benefit of working with our independent agency is the ability to shop and compare all the top companies quickly to see who can offer the best policy.

Does Medicare Cover Long Term Care Services?

Medicare does provide limited long term care assistance.  Your Medicare Part A benefits include up to 100 days of admitted hospital care. After that, your benefits deplete, and you are left to pay the full cost of your care.   Additionally, as mentioned above, the most common type of long term care is at-home personal care.  At-home services are not included in your Medicare benefits. Medicare Advantage and Medicare Supplemental insurance policies both extend your Part A benefits to include coverage for one full calendar year. These policies are affordable and provide an alternative option if you cannot afford a traditional long-term care insurance policy.

How To Purchase Long Term Care Insurance

Consumers have two options: Captive insurance agents – works for a single insurance carrier and can only offer products from the policy they work for. Independent insurance agents – are not bound to any single carrier. Instead, they shop all the top carriers nationwide to help you find your best policy and price. Our team of independent agents does this better than anyone in the business.

Exploring Your Options

It’s impossible to make a decision until you shop your available options.   We make this process simple by helping you quote and compare policy options from all the top carriers in a matter of minutes. Our services are free. And there’s never any obligation when working with an agent.  We’ve helped thousands of individuals find better policies and lower premiums to fit their budget. We’d love to help you too! Explore your options today by filling out the form on your screen.

Personalized Long Term Care Insurance Quotes

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