Long-Term Care Insurance

 

Want to be in complete charge of care options? ​

Want family members to be freed from balancing care choices with cost? 

 

Long-term care insurance is your best option. When finances are an issue in care, a LTC policy makes sure there is a source of money to use for care. Even in families where finances are not a concern, LTC relieves family members from making difficult and sometimes disputed financial decisions, as well as avoiding the need to liquidate other assets to pay care costs. 

If you want to be in control of where and how you receive care, a LTC insurance policy puts you in charge and can offer a lot of protection for less than you think. If you have a spouse that you want to ensure is adequately provided for, a LTC policy offers peace of mind. 

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LTC insurance has changed... a lot!

 

There are a wide variety of options and it's never been easier to design a strategy to reduce the financial risk of long-term care. 

 

Modern LTC insurance policies can be structured to:

 

  • protect individuals or married couples

  • pay for care at home or a facility of your choice

  • pay a family member to be the caregiver

  • refund premiums paid if you ever decide you don't want to keep it

  • pay back to your estate if you don't use it

  • work together with Medicaid to reduce risk and protect assets

  • control how much risk you are comfortable with and how much to shift to the insurance company

It's important to custom-design a policy that meets your needs. We have access to all 23 of the major LTC insurance carriers. If LTC insurance has a place in your financial plan, we can help you design and implement a policy that does exactly what you need. 

The Risk

  1. Our healthcare is still some of the best in the world. The average person turning 65 in America can expect to live another 20 years. One in ten people will live to at least age 95

  2. Competition is heating up! By 2030, one in five Americans will be age 65 or over. The number needing care is increasing, the number who can provide care is decreasing.

  3. By 2050, the number of people needing long-term care services is projected to double!

  4. Average out-of-pocket care costs are $140,000 and one in ten will spend over $250,000 of their own money. For most people, that will be the second most expensive purchase of their life. 

  5. In the next 20 years, the number of diagnosed Alzheimer's and dementia cases is projected to double. Women are almost twice as likely as men to be diagnosed with dementia. 

  6. Women comprise three-quarters of solo households age 80 and over. For most women, the cost of care will come at a time when the household income is lowest. 

  7. Approximately 7.5 million Americans have long-term care insurance to pay costs and remain in control of care.

  8. Long-term care insurers paid $11 billion in benefits in 2019, with the average claimant receiving around $35,500

  9. 70% of new claims start after the policy owner reaches age 80. 

Call   (405) 435-9700