- Long Term Care
What is Long Term Care?
Long-term care refers to the ongoing services and support needed by people who have chronic health conditions of disability. There are varying levels of care, which can vary on cost based on the frequency, severity, and location where those services are received. Home-based care is the most common type of long term care, but may also be received in settings such as nursing homes or assisted living facilities.
- Long Term Care
Why is it important to plan for long-term care?
It is important to prepare for long-term care due to the high likelihood of needing some degree of care.
The odds of needing long-term care are high:
- Approximately 62% of people will need long-term care at some point during their lifetimes after reaching age 65*
- Approximately 8% of people between ages 40 and 50 will have a disability that may require long-term care services.*
*US Department of Health and Human Services. Study last modified November 14, 2017.
- Long Term Care
Should I buy long-term care insurance?
With costs of assisted living and nursing home rooms ranging in costs from $4,300 to $8,300 per month*, the cost of care can be expensive. Long-term care insurance, like other types of insurance, protects you against a specific financial risk- in this case, the chance that long-term care will cost more than you can afford. In exchange for your premium payment(s), insurance companies promise to cover part or all of your long-term care costs. This type of coverage is less about protecting the individual getting care, and more about protecting the accumulated estate and assets of the person receiving care.
*Cost of Care Survey 2-2-, Genworth Financial, INC., December 2,2020.
- Long Term Care
Learn about the plans
Traditional Long Term Care
Traditional long-term care policies are rarely written today. These policies that were popular in the late 90’s and early 2000’s are infamous for 1. Increasing the premiums dramatically when someone is old enough to typically start needing long term care and 2. leaving no benefit for the policyholder if they pass without using any degree of care.
Hybrid Long Term Care
Hybrid long-term care policies are a long-term care insurance policy that links with a life insurance policy to include a death benefit for your family after you die. Hybrid life insurance products can pay for long-term care if there is a need, and/or a death benefit if the policy isn’t used to pay for a high cost of care. Thus providing an alternate option to the use-it-or-lose-it concept from traditional long-term care coverage.
Fixed Annuities with Long Term Care
A fixed index annuity is an insurance contract that provides you with an income in retirement. With a fixed index annuity, income payments are based on the performance of a stock market index, like the S&P 500. Unlike owning stocks, you’re protected against losses, but the tradeoffs are some limits on returns. Some of these policies also include a long-term care rider that allows for significant amounts of money to hep pay for long term care expenses.
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Learn more about long term care
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Whether you have Medicare Advantage or a Medicare Supplement Insurance plan for traditional Medicare Parts A and B (original Medicare) depends on your preferences and
Blog title Goes Here
Whether you have Medicare Advantage or a Medicare Supplement Insurance plan for traditional Medicare Parts A and B (original Medicare) depends on your preferences and
Blog title Goes Here
Whether you have Medicare Advantage or a Medicare Supplement Insurance plan for traditional Medicare Parts A and B (original Medicare) depends on your preferences and