Long-Term Care Insurance | Protect Your Savings & Future Care Options
Long-Term Care Insurance
Protect Your Savings, Your Family, and Your Future Care Options
Long-term care insurance can help protect your savings, your family, and your future care choices if you ever need help with daily activities due to illness, injury, aging, or cognitive decline. Some policies also include life insurance value, cash benefits for care, and potential value back if the policy is cancelled later.
What Is Long-Term Care Insurance?
Long-term care insurance is designed to help pay for care that is not typically covered by regular health insurance or Medicare. This may include help with everyday activities such as bathing, dressing, eating, getting in and out of bed, using the bathroom, or managing care due to memory-related conditions.
Why Consider Long-Term Care Insurance?
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More Care ChoicesLong-term care coverage may help pay for care at home, in an assisted living facility, adult day care setting, or nursing home, depending on the policy. |
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Asset ProtectionCare can be expensive. A long-term care policy may help reduce the need to spend down savings, retirement assets, or other funds to pay for care. |
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Family SupportHaving a plan in place can reduce the emotional and financial burden on family members who may otherwise need to coordinate or provide care. |
Hybrid Long-Term Care Options
Long-Term Care Protection With Added Financial Flexibility
Some long-term care insurance options are linked with life insurance or annuity-based benefits. These policies are designed to help provide money for care if you need it, while also offering value to your family or estate if care is never needed.
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Cash Benefits for CareCertain policies may pay a cash benefit once a long-term care claim is approved. This can give you more flexibility in how care is arranged and paid for. |
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No Monthly Receipt Submission After ApprovalWith some cash-benefit policies, you may not need to submit monthly bills or receipts once your claim has been approved, which can make the process simpler during a difficult time. |
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Care at HomeMany people prefer to receive care at home if possible. Some policies may allow benefits to be used for home-based care, depending on the policy terms and eligibility requirements. |
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Flexibility for Family or Informal CaregiversSome policies may allow benefits to be used for informal caregivers, including family members, giving you more flexibility in how care is provided. |
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Life Insurance Value if Care Is Not NeededHybrid policies may include a death benefit. If you never need long-term care, or do not use all of the available benefits, there may still be value passed to your beneficiaries. |
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Potential Value Back if You Cancel LaterSome policies may include cash value or surrender value, meaning there may be some value available if the policy is cancelled later. This depends on the policy design and timing. |
A “Use It for Care or Leave Value Behind” Approach
Hybrid long-term care policies may appeal to people who want protection for future care needs, but also want some value if long-term care is never needed.
What Can Long-Term Care Insurance Help Cover?
Who Should Consider Long-Term Care Insurance?
People in Their 40s, 50s, or Early 60sApplying while you are younger and healthier may give you more options. |
Pre-RetireesLong-term care planning can be an important part of retirement planning. |
People With Assets to ProtectCoverage may help protect savings, investments, and income from future care costs. |
Families Planning AheadA policy can help reduce uncertainty for spouses, adult children, and caregivers. |
Types of Long-Term Care Insurance Options
Traditional Long-Term Care InsuranceTraditional policies are designed specifically to help pay for qualifying long-term care expenses. You typically pay premiums over time, and benefits may be available if you meet the policy’s requirements for needing care. This may be a good option for someone who wants dedicated long-term care protection. |
Hybrid Life Insurance With Long-Term Care BenefitsSome policies combine life insurance with long-term care benefits. If care is needed, benefits may be used for qualifying care expenses. If care is not needed, the policy may still provide a death benefit to beneficiaries. This may appeal to people who want long-term care protection with value if care is never needed. |
The Best Time to Plan Is Before Care Is Needed
Long-term care insurance is generally easier to review when you are healthy enough to qualify. Waiting until care is needed may limit your options or make coverage unavailable.
How the Process Works
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Review Your GoalsWe discuss your age, health, budget, family situation, assets, and care preferences. |
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Compare OptionsWe help compare available policy types, benefit amounts, waiting periods, and premium options. |
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Choose a PlanIf a policy makes sense, we help you understand the application process and next steps. |
Frequently Asked Questions About Long-Term Care Insurance
What is long-term care insurance?
Long-term care insurance helps pay for care if you need assistance with daily activities or have a qualifying cognitive impairment. It is designed to help with care that may not be covered by regular health insurance or Medicare.
Does Medicare cover long-term care?
Medicare generally does not cover long-term custodial care, such as ongoing help with bathing, dressing, eating, or daily personal care. This is one reason many people consider separate long-term care insurance.
When should I buy long-term care insurance?
Many people start reviewing options in their 40s, 50s, or early 60s. Applying while younger and healthier may give you more choices and potentially better pricing.
What does long-term care insurance pay for?
Depending on the policy, it may help pay for care at home, assisted living, adult day care, nursing home care, respite care, or memory care services.
What makes hybrid long-term care insurance different?
Hybrid long-term care insurance may combine long-term care benefits with life insurance or another financial benefit. If you need qualifying care, the policy can help pay for care. If you do not need care, or do not use all of the benefits, there may still be value available for your beneficiaries or through the policy’s cash or surrender value, depending on the policy.
Can long-term care benefits be used to pay a family caregiver?
Some policies may allow benefits to be used for informal caregivers, including family members. This depends on the specific policy, so it is important to review the rules before choosing coverage.
Do I have to submit receipts every month?
Some cash-benefit long-term care policies do not require monthly bills or receipts after a claim is approved. Other policies may work as reimbursement plans, where expenses must be documented. The right option depends on the policy design.
Can long-term care insurance help protect my assets?
Yes. One of the main reasons people buy long-term care insurance is to help reduce the need to use personal savings, retirement assets, or family resources to pay for care.
Do I have to be healthy to qualify?
Long-term care insurance usually requires health underwriting. Your age, health history, medications, and current conditions may affect eligibility and pricing.
Does Plan Medicare help with long-term care insurance?
Yes. Plan Medicare can help you understand long-term care insurance options, compare policy types, and decide whether coverage may make sense for your situation.
Ready to Review Long-Term Care Insurance Options?
Long-term care planning can help protect your family, your savings, and your future choices. Our team can help you understand what coverage may be available and whether it fits your needs.