Long-Term Care Insurance

As we age, the possibility of needing assistance with daily activities like dressing, bathing, or getting around becomes a reality. Long-term care insurance helps you plan for this possibility, protecting your assets and ensuring you receive the care you deserve without burdening your loved ones.

What is Long-Term Care?

Long-term care encompasses a range of services that support individuals with chronic illnesses, disabilities, or cognitive decline. These services can be delivered at home, in assisted living facilities, adult day care centers, or nursing homes. Common long-term care needs include:

• Assistance with Activities of Daily Living (ADLs): Bathing, dressing, eating, toileting, transferring
• Instrumental Activities of Daily Living (IADLs): Managing finances, housework, transportation, medication management
• Personal Care: Supervision, companionship, and assistance with emotional needs

Why is Long-Term Care Insurance Important?

The cost of long-term care can be staggering. According to the Genworth Cost of Care Survey 2023, a private nursing home room now averages over $108,000 per year, while a home health aide can cost over $70,000 annually. These costs can quickly erode your life savings and leave a significant financial burden on your family.

Protect your health and get long-term care insurance today.

Benefits of Long-Term Care Insurance:

• Financial Protection: Long-term care insurance helps cover a portion of your long-term care expenses, ensuring you receive the care you need without depleting your retirement savings or relying on loved ones.
• Peace of Mind: Knowing you have a plan for long-term care needs can provide peace of mind for you and your family.
• Choice and Control: Long-term care insurance allows you to choose the level and type of care you receive, promoting your independence and dignity.
• Tax Advantages: In some cases, premiums for long-term care insurance may be tax-deductible (consult with a tax advisor for details).

Who Should Consider Long-Term Care Insurance?

Long-term care insurance is a valuable option for everyone, regardless of age or current health status. However, it's most beneficial to consider purchasing a policy when you are healthy and have a lower risk of denial. Here are some factors to consider:

• Age: Generally, premiums are lower when you are younger and healthier.
• Family History: A family history of chronic illness or disability may increase your need for long-term care.
• Financial Situation: Long-term care insurance can help protect your assets and ensure you have financial security in the future.

What to Look for in a Long-Term Care Insurance Policy:

• Benefit Amount: Consider the cost of care in your area and choose a benefit amount that will adequately cover your needs.
• Benefit Period: This determines how long the policy will pay benefits after you qualify for care.
• Elimination Period: This is the waiting period before your policy starts paying benefits.
• Inflation Protection: Choose a plan with inflation protection to ensure your benefits keep pace with rising healthcare costs.
• Renewal Provisions: Make sure the policy is guaranteed renewable, meaning the insurer cannot cancel it as long as you pay the premiums.