Long-term Care Insurance
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Long-term care can be a sensitive topic for some. It's not easy for anyone used to getting by on their own to admit someday they could need help. None of us want to be seen as a burden, but our pride can play a roll too. However, we all know someday we likely will need care. Preparation, however, is KEY. Long-term care insurance (LTCi) can be an option to look into.
The questions arises, "When is the best time to address long-term care?". Some recommend 45-55 as the best age to shop for LTCi. It really is hard to speculate. There are some incredibly young people that find themselves currently needing care. Long-term care is NOT just for the elderly. Cancer, car accidents, brain trauma, etc. can all trigger a need for care, possibly for the rest of your life. However, if you are too young, LTCi can be difficult to obtain, and a disability policy or a permanent life policy could be more what you are looking for.
Long-term care insurance is a possible option to deal with the costs associated with care. Care, which can mean something different for everybody, and can range from minor custodial matters- such as paying bills, chores, grocery shopping, and emotional support- to adult daycare or apartment-like assisted living facilities- to full-time skilled nursing facilities and hospice care. All of which is very expensive. Costs can range up to hundreds of dollars per day.
Unlike car or home insurance, where you may never use it, LTCi, when purchased, is very likely to be claimed someday. As such, premiums can be very expensive. It is true that premiums will be cheaper the younger and healthy you are, but even then, LTCi may not be right for everybody. Those with little to no assets may be candidates for Medicaid. Those who are exceptionally affluent, may find self-funding to be an option. Some have a large family network close to them who could provide some assistance. Some do not.
The range of solutions is broad, and may include things such as traditional LTCi, LTCi state-based participation plans, annuities, medicaid, permanent life insurance, hybrid products, term life insurance with living benefits, life or viatical settlements on existing policies, even reverse-mortgages.
Consideration for purchasing LTCi should include a full-scope, financial conversation with not only your insurance agent, but also your tax and financial advisors, if applicable, as well as trusted friends and family members. After all, care has just as much to do with the people around you as it does with money.
There are many moving pieces, and solutions can be as unique as the individuals pursuing them. The consequences for getting it wrong can be severe. Our licensed insurance agents can assist you in finding a suitable solution, tailored to you, that helps manage the costs, including letting you know if long-term care insurance may not be the most appropriate fit. Our agents will work at your pace and can get the answers you need to make a good decision.
If you are interested in protecting your assets and family with a long-term care insurance plan, give us a call or fill out this form, and email to to start the process. Our licensed agents will gather information and assess your unique situation, come up with a proposed plan, and work with you, your financial and tax advisors and trusted family members to make sure you have the solution you want.
About Long-Term Care Insurance (LTCi)
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