Is Long-Term Care Right for You?
Long-term care coverage can help protect your independence and help you receive care in the environment most comfortable for you and your family.
In the year 2000, almost 10 million people needed some form of long-term care in the United States. Long-term care insurance can protect financial assets that may be needed for a spouse or planned inheritance.
Long-term care coverage may also give you access to better care and better facilities.
13.9% of applicants ages 50-59 denied long-term care coverage due to health issues.
13.9%
44.8% of applicants ages 70-79 denied long-term care insurance due to health issues.
44.8%
69% of those turning 65 this year will need some kind of long term care during their life.
69%
Some of the benefits of having long-term care insurance include:
Options for 100% home health care benefits
Opportunity for private room or additional care services at a facility outside of the home
Additional benefits for nursing homes, assisted living facilities, and continuing care retirement communities
Access to adult day care centers, transportation services, and home care agencies that provide services on a daily or as-needed basis
LTC coverage often includes care coordination benefits that can assist you and your family in finding the right resources during the time of your care
Today's Hybrid LTC Plans may be a better fit or alternative to traditional LTC Coverage for some, as they allow unused premiums or benefits to passed on to a beneficiary of your choosing
Some of the considerations for determining if long-term care insurance is right for you
A well-designed long-term care insurance policy may be one of the best financial decisions you'll ever make. It can play an important role in protecting your independence and giving you peace of mind and confidence that you have all the necessary resources to pay for quality care – where and when you need it.
Content
- Why you would want to buy long-term care insurance
- Why you should NOT consider buying long-term care insurance
- Things to consider
- Should I consider a Hybrid Life/Long-term care plan
Why you would want to buy long-term care insurance
You have significant assets and income that you are concerned about protecting.
You don't have significant assets and income, but you don't want to rely on the Medicaid program.
You want to remain independent and not have to rely on family or friends for care.
You wish to guarantee you and your spouse will receive quality care, in the setting of your choice.
Why you should NOT consider buying long-term care insurance
You are already eligible for the Medicaid program and do not mind having limited choices.
The premiums would greatly affect your current lifestyle and be a financial burden to pay.
It's important to note that Long-term care insurance is not right for everyone.
Things to consider
Because today's long-term care insurance policies offer a variety of features and benefits, it pays to take your time when choosing your policy.
There are many things to keep in mind as you consider the right long-term care policy for you. For example, the benefits you receive in the future should be substantially more than the premiums you will pay in your lifetime. The plan should not be a “cookie-cutter” or generic one-size-fits-all approach. The policy should be customized to your specific personal and financial needs. And the premiums should be affordable, not only now but in the future as well.
Should I consider a Hybrid Life/Long-term care plan
These plans typically for higher net-worth people can offer a return of premium to a beneficiary when benefits are not used.
You are in safe hands
Enjoy financial protection that always comes with peace of mind.
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