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 going to make a smart financial decision and protect your retirement nest egg, long term care insurance is a must.
Did you know? Nearly 70% of Americans over age 65 will require some form of long term care before they die. The need for long term care insurance increases as you age, yet few people have the financial means to pay for these future expenses.
Everyone Needs a Plan
It’s no secret that long term care can be incredibly expensive. Without insurance coverage, the cost can equate to hundreds of thousands of dollars. Brain disease, cancer, and other common conditions frequently bankrupt middle-class families that are unprepared for accompanied cost.
A long term care insurance policy works to protect both your health and your bank account. Unless you’re independently wealthy and can cash flow the high cost of long term care, we strongly suggest letting us help you explore your options.
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The Likelihood Of Needing Long Term Care
As mentioned above, 7 out of 10 people over 65 will need some form of long term care before they die. Individuals who suffer from chronic health conditions have a further increased risk. We know that these expenses are coming. And now it’s time to plan and prepare.
Two Types Of Long Term Care
The majority of long term care does not take place inside a hospital or care facility. At-home personal care is the most common type of long term care needed for senior individuals. This type of care includes assistance with simple activities such as eating, bathing, and dressing.
More intensive forms of long term care require services administered by nurses, therapists, and specialized professionals. These types of services primarily take place inside a hospital, nursing homes, or treatment centers.
Long term care insurance provides financial protection, whether you need care inside your home or at a care facility.
What does long term care insurance cover?
- Nursing home care
- Assisted living facilities
- Adult daycare services
- In-home care
- Home modification
- Care coordination
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Cost Of Coverage
There are many factors in determining how much long term care insurance costs. There are multiple types of policies and various design options that affect your monthly premium. However, the average yearly cost for long term care insurance in 2019 was $3050, according to the American Association for Long-Term Care Insurance.
Ways to Pay For Your Policy
Long term care insurance is expensive. However, there are several ways in which you can go about paying for long term care.
Self-fund: Through proper planning, discipline, and smart investing, paying for long term care expenses out of pocket is possible.
Add a Rider To An Existing Life Insurance Policy or Annuity: If you already own a life insurance policy or an annuity, you may be able to add a long term care rider to your contract. LTC riders are the cheapest way to pay for your long term care needs.
Life Settlement: Those who already own a life insurance policy can sell or cash in that policy for a lump sum.
Reverse Mortgage: Individuals who have equity in their homes can purchase a reverse mortgage to help with long term care costs.
Types of Long Term Care Insurance
Traditional LTC Insurance policies establish a daily benefit amount that lasts for several years. The policy benefits become available when you can no longer perform two out of six activities of daily living such as dressing, bathing, eating, transferring to a wheelchair, etc.
Hybrid Policies are a combination of life insurance and long term care insurance. A hybrid policy allows you to access the life insurance death benefit to pay for long term care expenses if you need it. If the death benefit goes unused, your beneficiary receives it in a lump sum just as a traditional life insurance policy would.
Short Term Care Insurance policies provide the same benefits as traditional LTC policies; however, they only last for one year at a time.
How to Purchase Long Term Care Insurance
Consumers have two options in finding an insurance agent to help them with a long term care insurance policy.
- Captive insurance agents. A captive insurance agent works for a single insurance carrier and can only offer products from that particular carrier.
- Independent insurance agents. An independent insurance agent is not bound to any single insurance carrier. Instead, they shop all the top insurance providers and help you find your best policy regardless of who it’s with.
Our independent insurance agency helps you shop and compare long term care insurance companies side by side. With our help, you can have peace of mind knowing you found the best policy for your lifestyle and your budget.
Long Term Care Insurance with Pre-Existing Conditions
Unfortunately, not everyone will qualify for LTC coverage. Long term care insurance policies require medical underwriting, and therefore most people with pre-existing conditions will not be eligible for coverage. However, some insurance providers offer policies that exclude care for pre-existing conditions for a set amount of time.
We urge you to be completely honest about your health when applying. If you withhold health information and the carrier finds out, the funds promised in your plan will be void.
Does Medicare Cover Long Term Care?
Medicare does provide minimal long term care coverage. However, it’s essential to understand the limitations of what Medicare provides.
Medicare Part A will cover in-patient care for the first 100 days. That’s only 3 1/2 months. After these benefits run out, you will take on the full amount of care costs.
Keep in mind that the most common type of long term care does not take place inside a treatment facility, and therefore Medicare’s limited coverage does not help. Your Medicare benefits do not cover at-home personal care.
Take a look at the numbers:
- The average number of years women will need long-term care – 2.5 years
- The average number of years men will need long-term care – 1.5 years
- Percentage of people needing more than five years of long term care – 14%
Exploring Your Options
It’s impossible to make the right decision until you’re aware of the available options. And as mentioned above, the only way to discover your options is to compare plans and rates side by side.
We work for YOU, not the insurance companies. We help you explore your options from all the top carriers across the country.
Our services are free for you to use. And there’s no obligation when speaking with an agent.
We’ve helped thousands of seniors secure an affordable long term care insurance policy. We’d love to help you too!
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