LONG TERM CARE

Long Term Care

You’ve worked hard to save for retirement and make sure you have the financial security you want for you and your family. And you’ve tried to plan for whatever life may bring in the future. But even the most well-thought-out plans may not be enough to prepare you for the high costs associated with a need for long-term care.
If you need long-term care in the future, it could affect your family and your finances. Planning for it now may help you maintain your lifestyle and minimize the impact on your loved ones and your assets.

Interested in learning more?

To hear about Long Term Care click the video play button

long term care

Long Term Care

You’ve worked hard to save for retirement and make sure you have the financial security you want for you and your family. And you’ve tried to plan for whatever life may bring in the future. But even the most well-thought-out plans may not be enough to prepare you for the high costs associated with a need for long-term care.
If you need long-term care in the future, it could affect your family and your finances. Planning for it now may help you maintain your lifestyle and minimize the impact on your loved ones and your assets.

Interested in learning more?

To hear about Long Term Care click the video play button

long term care

Frequently Asked Questions

  • Many of us worry about who would take care of us if something happens, and no one wants to be a burden. Long term care (LTC) is the assistance or supervision you may need when you are not able to do some of the basic activities of daily living (ADL) such as:
    • Bathing
    • Dressing
    • Eating
    • Continence
    • Toileting
    • Moving in and out of bed

    A need for long term care may result from:
    • Accidents
    • Illness
    • Advanced aging
    • Stroke
    • Other chronic conditions
    Providing long term care can be time consuming, expensive and exhausting. Help protect your family and get the information you need to see if long term care insurance should be a part of your plan.

  • It is important that you understand what services your long term care insurance policy covers and how it covers the many types of long term care services you might need to use. Policies may cover the following:
    • Nursing home care
    • Home health care
    • Respite care
    • Hospice care
    • Personal care in your home
    • Services in assisted living facilities
    • Services in adult day care centers
    • Services in other community facilities

    What does long term care insurance not cover?

    All long term care insurance policies have limitations and exclusions. It’s best to review these with a licensed insurance agent/producer.

    Covering the gap

    Long term care insurance policies may provide choices and flexibility for your long term care needs. The cost of a long term care insurance policy depends, in part, on the type and amount of services and benefits you choose to cover, your age, and your health.

  • Before you can evaluate whether Long Term Care coverage is worth the cost, you should understand how much you could end up paying for Long Term Care services without it. Since “Long Term Care” is a broad blanket term that could refer to any number of personal are services, the potential costs of these services can vary depending on what kind of care you need, how long you need it, where you live and other factors.
    Estimated Average annual costs for common Long Term Care services:

    1. Homemaking Assistance with 20 hours a week is $19,760.
    2. In-Home Health Services with 40 hours a week is $45,760.
    3. Assisted Living Facility – One Bedroom Unit is $52,000.
    4. Nursing Home Private Unit is $99,000.

  • Many people thing that they can rely on Medicare or their health insurance to pay for Long Term Care services if they need them. But many types of Long Term Care, such as help with the “Six Daily Activities of Living” (Cooking, Cleaning, Bathing, Dressing, Toileting, Getting in or out of bed or Transferring) may not be covered by Medicare. That means you could end up paying out-of-pocket for many types of Long Term Care services I you or a loved one needs them.

    1. Medicare may cover a maximum of 100 days of service after a hospital stay.
    2. Medicare does not pay for personal care, such as help with bathing or dressing.
    3. Medicare may place restrictions on how much care you can receive and for how long.

  • How you’ll pay for Long Term Care depends on your individual situation. Some common means of paying for Long ‘Term Care include:

    1. Health Insurance. Many policies only cover medical expenses and not personal care, such as the “Six Daily activities of Living”
    2. Government Programs (such as Medicare or Medicaid). These programs have very strict limits and guidelines for who and what they will cover. If you plan to rely on these programs be sure you understand these limits and how they may affect your care.
    3. Personal Assets. If you have the means, you may opt to pay for Long ‘Term Care as needed from personal savings or assets. These options may cost more than you are willing to pay.
    4. Designated Long Term Care Assets. From our Long Term Care plans, we can help you designate assets to help pay for Long Term Care services when you need them. These solutions range from a simple life insurance rider to a customized suite of products.

  • Reasons for Putting a Long Term Care plan in place.

    1. Maintain your Independence. If you are relying on Medicare or Family members to help fund your Long Term Care needs, you might not have as much control over where, when and how your care is provided.
    2. Save your Assets. These policies allow you to help pay for these potential day-to-day needs, so you can save your assets for other things.
    3. Protect your Family. An unexpected need for long term care can take its toll on more than just your finances. Family members are often put in a position of having to provide assistance with personal care needs, which can create some uncomfortable and stressful situations. By allowing you to plan for care, this program can help you protect your family relationship.
    4. Mange your Risk. Since none of us can predict the future, potential Long Term Care needs are a risk that we all need to take into consideration.

     

To hear about Pros and Cons of Long Term Care click the video play button

long term care

Frequently Asked Questions

  • Many of us worry about who would take care of us if something happens, and no one wants to be a burden. Long term care (LTC) is the assistance or supervision you may need when you are not able to do some of the basic activities of daily living (ADL) such as:
    • Bathing
    • Dressing
    • Eating
    • Continence
    • Toileting
    • Moving in and out of bed

    A need for long term care may result from:
    • Accidents
    • Illness
    • Advanced aging
    • Stroke
    • Other chronic conditions
    Providing long term care can be time consuming, expensive and exhausting. Help protect your family and get the information you need to see if long term care insurance should be a part of your plan.

  • It is important that you understand what services your long term care insurance policy covers and how it covers the many types of long term care services you might need to use. Policies may cover the following:
    • Nursing home care
    • Home health care
    • Respite care
    • Hospice care
    • Personal care in your home
    • Services in assisted living facilities
    • Services in adult day care centers
    • Services in other community facilities

    What does long term care insurance not cover?

    All long term care insurance policies have limitations and exclusions. It’s best to review these with a licensed insurance agent/producer.

    Covering the gap

    Long term care insurance policies may provide choices and flexibility for your long term care needs. The cost of a long term care insurance policy depends, in part, on the type and amount of services and benefits you choose to cover, your age, and your health.

  • Before you can evaluate whether Long Term Care coverage is worth the cost, you should understand how much you could end up paying for Long Term Care services without it. Since “Long Term Care” is a broad blanket term that could refer to any number of personal are services, the potential costs of these services can vary depending on what kind of care you need, how long you need it, where you live and other factors.
    Estimated Average annual costs for common Long Term Care services:

    1. Homemaking Assistance with 20 hours a week is $19,760.
    2. In-Home Health Services with 40 hours a week is $45,760.
    3. Assisted Living Facility – One Bedroom Unit is $52,000.
    4. Nursing Home Private Unit is $99,000.

  • Many people thing that they can rely on Medicare or their health insurance to pay for Long Term Care services if they need them. But many types of Long Term Care, such as help with the “Six Daily Activities of Living” (Cooking, Cleaning, Bathing, Dressing, Toileting, Getting in or out of bed or Transferring) may not be covered by Medicare. That means you could end up paying out-of-pocket for many types of Long Term Care services I you or a loved one needs them.

    1. Medicare may cover a maximum of 100 days of service after a hospital stay.
    2. Medicare does not pay for personal care, such as help with bathing or dressing.
    3. Medicare may place restrictions on how much care you can receive and for how long.

  • How you’ll pay for Long Term Care depends on your individual situation. Some common means of paying for Long ‘Term Care include:

    1. Health Insurance. Many policies only cover medical expenses and not personal care, such as the “Six Daily activities of Living”
    2. Government Programs (such as Medicare or Medicaid). These programs have very strict limits and guidelines for who and what they will cover. If you plan to rely on these programs be sure you understand these limits and how they may affect your care.
    3. Personal Assets. If you have the means, you may opt to pay for Long ‘Term Care as needed from personal savings or assets. These options may cost more than you are willing to pay.
    4. Designated Long Term Care Assets. From our Long Term Care plans, we can help you designate assets to help pay for Long Term Care services when you need them. These solutions range from a simple life insurance rider to a customized suite of products.

  • Reasons for Putting a Long Term Care plan in place.

    1. Maintain your Independence. If you are relying on Medicare or Family members to help fund your Long Term Care needs, you might not have as much control over where, when and how your care is provided.
    2. Save your Assets. These policies allow you to help pay for these potential day-to-day needs, so you can save your assets for other things.
    3. Protect your Family. An unexpected need for long term care can take its toll on more than just your finances. Family members are often put in a position of having to provide assistance with personal care needs, which can create some uncomfortable and stressful situations. By allowing you to plan for care, this program can help you protect your family relationship.
    4. Mange your Risk. Since none of us can predict the future, potential Long Term Care needs are a risk that we all need to take into consideration.

     

To hear about Pros and Cons of Long Term Care click the video play button

long term care

ARTICLES
  • October 23, 2017
    Long-Term Care Insurance: Who Needs It?
    Read More
ARTICLES
  • October 23, 2017
    Long-Term Care Insurance: Who Needs It?
    Read More