Long-Term Care Insurance
What is LTCI?

LTCI is an insurance product that provides help with long-term care.

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Protecting your Family's Assets

In today's challenging economy, it is easy to discard or postpone thinking about long-term care insurance. Yet, this basic type of insurance could become critical in the future for protecting your family's assets should you need long term health care. At a minimum, get informed about long-term care and the risks associated with inadequate coverage.

Are there hidden costs to long-term care?

The burden of long-term care on families is tremendous.

Many of the costs associated with a long-term care event come in the form of family members' time and energy to choose, oversee and manage care options.  Choosing which assets to liquidate and understanding tax implications often requires costly support from legal and financial resources.

David, a former VP of Sales, retired with a sizable nest-egg.  After three years of retirement, he had a stroke and required long-term care and rehabilitation.  Most of his assets were tied up in non-liquid investments and were not available for immediate access.  David's wife was left with the decisions regarding which assets to liquidate at a loss to cover the cost of his care. 

40% of people receiving long-term care services are working adults, between the ages of 18 and 64.

Many Americans don't know they need LTCI until it is too late.   Long-term care is expensive and can drain your savings with one event. LTCI provides safety and security for your retirement savings.

The average annual cost for care can range from $16,000 for modest in-home care to well over $60,000 for a semi-private room in a nursing home.* That’s almost $200 a day, and the costs in many states are much higher than the average.  Planning ahead can make a huge difference!

When is the right time to consider LTCI?
 
As with most coverage, the earlier the better. Premiums are based in large part on your age and are less expensive the younger you are.  Many organizations give preferred health premium discounts as well.  You need to be healthy to even qualify for LTCI.

Consider Buying Sooner, Rather Than Later: Only 11% of applicants in their 50s are turned down for LTCI, versus 57% of applicants who are 80 or older.  The average long-term care insurance buyer today is 56.

Doesn't the government provide support for long-term needs?

Yes, but only after a spend down of assets.
Medicaid is a means-based welfare program that requires assets to be exhausted to minimal levels before providing support.  In addition, Medicaid often limits the freedom to choose providers.  This means many preferred facilities will not be an option.

Long-term care insurance is the only
insurance specifically designed to help cover the costs of  services.
Without it, chances are good you’ll be responsible for paying most, if not all, of the costs out of your own pocket.  This means that many folks have to liquidate assets, sell homes and exhaust other monetary investments before Medicaid provides support.