Long Term Care Insurance Options

What is Long Term Care Insurance For?

For You, For Your Family, For Your Investments

For You, For Your Family, For Your Investments

No one wants to think about themselves or their loved ones being unable to live on their own. But if you want to make a smart financial decision and protect your nest egg, long-term care insurance is a must! ~ Dave Ramsay

Statistics show that three out of four of us will need long term care. Long-term care refers to a host of services that aren’t covered by regular health insurance. This includes assistance with routine daily activities, like bathing, dressing or getting in and out of bed.

A long-term care insurance policy helps cover the costs of that care when you have a chronic medical condition, a disability or a disorder such as Alzheimer’s disease. Most policies will reimburse you for care given in a variety of places, such as:

  • Your home.
  • A nursing home.
  • An assisted living facility.
  • An adult day care center.
Who Buys Long Term Care Insurance?

Who Buys Long Term Care Insurance?

The majority of those that purchase long term care insurance are the ones who have personal experience with parents and family that didn't have this insurance. They saw first hand the impact of the depletion of a lifetime of savings and hard work spent on care and they don't want that to happen to their spouse and children.

Those who haven't seen what happens in these cases think that long term care is expensive but the truth is that it's still much less then paying the out of pocket costs.

We have auto and homeowner's insurance to take care of accidents and fire but you have a 3% chance of a house fire and a 75% chance that you will need long term care. 

How Much Will Long Term Care Cost Me?

How Much Will Long Term Care Cost Me?

Considering long-term care costs is an important part of any long-range financial plan, especially in your 50s and beyond. Waiting until you need care to buy coverage is not an option. You won’t qualify for long-term care insurance if you already have a debilitating condition.

Check out our Long Term Care Needs Calculator so you can figure out how long your current assets will last.

It's recommended that you set aside $250,000 for each spouse or you can buy insurance. (Source - https://acl.gov/ltc)

For example, here is a chart of what it costs for a plan vs. out of pocket costs without insurance.

Do I Need Long Term Care Insurance?

Do I Need Long Term Care Insurance?

If you have the following concerns then you should consider purchasing long term care insurance:

  • You don't want to be a financial burden on your family and friends.
  • You don't want to be dependent on welfare (Medicaid) for care.
  • You want to make your own choices in how you are taken care of.
  • You want to be able to choose to stay in your own home or select a quality facility for your stay.

Most people don't think of the need for long term care. Ask yourself the following questions to determine if you want the protection that is provided by long term care insurance:

1. Has anyone needed long term care in your family?

2. Would it be an emotional or physical strain for your spouse or partner to care for you?

3. Would your family or spouse be able to maintain their quality of life?

4. Do you have enough savings or investments that could pay for long term care for $300/day for two to three years?

Contact us below to find out the many options we offer to protect you, your family and your nest egg!

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