Risks
Long Term Care
Seventy percent of people age 65 and older will require long-term care at some point in their lives, and it’s not covered by Medicare. Luckily, there are lots of creative ways to ensure you can afford quality care when you need it.
Long-term care (LTC) is required for those who can no longer perform daily living activities by themselves, like bathing, dressing, and eating. Medicare doesn’t consider long term care to be a medical expense, so the expensive assisted living facilities and in-home aids have to come out-of-pocket - unless you’re prepared. We’ll guide you in choosing a long-term care insurance plan that can offer you and your loved ones peace of mind, covering most or all of the costs of constant care.
If you’re worried you won’t qualify for long-term care insurance, there are several alternatives that work just as well, like long-term care annuities, which will cover long-term care tax-free. Whole Life policies also offer you the ability to take out loans against your principle, which you can then use to defer your care costs. Keep in mind, the earlier you plan for the possibility of long-term care, the more affordable your options.
See examples below of the long term care we can help you with.
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Ages 45 - 55
This is often considered the best age to purchase Long Term Care Insurance to make sure your future needs are taken care of.
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One Out of Three
One third of long-term care insurance applicants are often rejected because they apply too late to receive the insurance care that they need in retirement.
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$100,000+ in Costs
If you have to pay your Long Term Care expenses out-of-pocket without having insurance in retirement, it could be six figures or more per year. It pays to plan ahead!
TOP ADVICE:
Don’t wait - purchase your long-term care insurance before you need it. You’ll have a lower premium and a lower chance of rejection.
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63% of those in LTC are 65 and older, while 37% are 64 and younger. That’s why it’s important to purchase insurance before you’re 55.
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Yes, but keep in mind that LTC can quickly drain your accounts. That’s why we suggest a Whole Life Policy - if you need LTC, it’s there for you to use, tax free. If you don’t, you’ll have a death benefit to offer your beneficiaries.
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In-home health aids are a cost-effective way to receive long-term care, though they are still expensive. LTC annuities can help offset, or cover this cost entirely.
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