Long Term Care
Why Do You Need Long-Term Care?
Long-Term Care (LTC) is not always a topic people want to discuss with their partner, children, or family—but it is absolutely necessary to plan for it.
LTC covers the cost of:
Nursing home care
Assisted living facilities
In-home care
Without coverage, these expenses can drain your savings. Medicare does not cover long-term care (only very limited services). Paying out of pocket can cost an average of $140,000 per year—a major financial burden for most families.
Reasons to Get Long-Term Care Insurance
Relieve the financial and emotional burden from your family
Protect your savings and nest egg
Preserve your current lifestyle
Stay at home longer with professional in-home care
Gain flexibility in choosing the type of care you want
Select the assisted living or nursing facility you prefer
Leave your assets to your loved ones, not to medical bills
Who Should Not Buy Long-Term Care Insurance?
LTC insurance may not be necessary if you:
Have very limited income or assets
Are likely to qualify for Medicaid, which covers long-term care for low-income individuals
Affordable Alternatives
The average premium for long-term care insurance is about $2,700 per year, which may feel expensive for many families. The good news is that some life insurance policies now include long-term care benefits.
This means you can:
Use money from your life insurance policy to cover LTC costs
Get dual protection—life coverage + long-term care
Find a plan that fits within your budget with the help of a trusted insurance agent
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