Long-Term Care Insurance
Understanding Long-Term Care
Long-term care refers to assistance with basic daily activities like bathing, dressing, eating, using the toilet, and moving around when you can no longer manage these tasks on your own. The goal of long-term care planning is to help you maintain your independence and quality of life as you age. Consider:
- 70% of people turning 65 will need long-term care during their lifetime
- 3 years is the average length of care needed
- Every 65 seconds someone in the U.S. develops Alzheimer’s; over 5.8 million people are currently living with it
- $92,378 is the median annual cost for a private nursing home room
Where and how is long-term care provided?
Long-term care services can be given at home, in a family member’s home, or in assisted living or nursing care facilities. Long-term care typically covers:
- Help with daily tasks like dressing, bathing, grooming, and eating
- Support services such as meal prep, laundry, transportation, and shopping
- Care for ongoing health conditions
or disabilities, whether from sudden events or gradual aging
How can you prepare for the care you might need?
While we can’t predict accidents, illness, or the effects of aging, we can plan ahead. Ask yourself this important question: Who will help you if you can’t manage daily activities? Whether you live alone or have family, it’s essential to prepare so loved ones don’t bear the full burden.
Care options range from in-home assistance to facility-based care—but they all raise a critical question: How will you pay for the care you need?
Common funding sources include:
- Savings or investment accounts
- Retirement plans
- Home equity or real estate
- Family support
- Medicare or Medicaid (with limits)
- Long-term care insurance
Why should you consider long-term care insurance?
Unless you have significant liquid assets, long-term care insurance can be a smart way to protect your savings and meet care needs. Medicare has strict limits, so insurance can help fill the gap.
Policy features vary and typically include:
- Daily benefit amounts
- Coverage length
- Waiting periods before benefits begin
- Types of care covered
Premiums depend on age, health, and chosen options. Riders are available to cover inflation or share benefits between spouses.
Our Trusted Partner in Long-Term Care Insurance
Choosing long-term care insurance is one of the most important risk management steps you can take.
Contact our partner at
Winning Strategies Group today to learn more.
Simply answer a few questions and we can provide you with a personalized quote. Upon completion of this short form, we'll contact you to discuss plan options in your area!
