SERVICES
Long Term Care
Long Term Care Insurance
Long-term care (LTC) insurance is designed to help cover the expenses of services like in-home care, assisted living, or nursing facilities. If you ever find yourself unable to manage daily activities on your own, LTC insurance can offer vital support. Typically, these policies become active when an individual is no longer able to independently manage everyday tasks, such as dressing, eating, bathing, and other essential self-care.
Cognitive decline may also qualify someone for LTC benefits. For instance, individuals facing Alzheimer’s disease or dementia often require additional assistance. A long-term care policy can help fund that support, easing the financial burden and protecting your savings and retirement income. While each policy is different, it’s important to note that most health insurance and disability plans do not cover this kind of care. That’s where LTC coverage becomes especially valuable.
The Cost of
Long Term Care
Without insurance, long-term care can be extremely expensive. In 2019 alone, families spent an estimated $66 billion out-of-pocket to care for loved ones with Alzheimer’s or dementia, according to the Alzheimer’s Association—and that doesn’t even account for personal, undocumented costs. Unfortunately, Medicare doesn’t cover all necessary care, and even robust health insurance may leave gaps in coverage for services such as home care or assisted living.
LTC insurance offers a more cost-effective solution. Many people begin exploring their options around age 50, though purchasing earlier may result in lower monthly premiums. Some retirees may also hold additional policies that influence which LTC options are the best fit for them. Don’t worry—we’re here to help you navigate your options.
Why Consider LTC Insurance?
One of the biggest reasons to consider LTC coverage is to safeguard your retirement savings.
Services like nursing homes and in-home care can quickly drain financial resources. Sadly, many retirees lose much of what they’ve worked decades to save simply because they didn’t plan for the need. LTC insurance is one way to protect your future and give yourself peace of mind.
