Long Term Care Insurance

Protect yourself from the effects of incapacitating disease or illness - and your estate from future financial burden. Long Term Care Insurance provides tax-free benefits when there is a need for long term care. The benefit can be used to cover the costs of care in nursing homes, assisted living facilities and/or home health care.

As much as we might prefer it, we cannot assume we’ll be taken care of in old age by family members and loved ones. Long Term Care Insurance gives you freedom of choice, from nursing home care to care in your own home, as your situation requires. With Long Term Care Insurance you can provide for your future needs today, and ensure your level of care in old age when you can no longer assume your degree of health and independence.

Some things to think about when considering LTC insurance:

Daily Benefit - This is the amount you will receive daily from the insurance company for your care. Amounts between $50 and $250 per day are most common. These costs can vary from place to place so consider what the costs are in your area before you decide.

Benefit Period - This is the length of time you will receive payments from the insurance company once your benefits begin. You usually can select a specific number of years (2,3,4,5,) or a lifetime plan. The average length of stay in a nursing home is 2 1/2 to 3 years. Note: A three year plan will be less expensive than a lifetime plan.

Elimination Period - This is the number of days of LTC before your insurance payments begin. This is similar to most insurance deductibles except it works in days instead of dollars. Common are options like 0 days, 20 days, 60 days, or 100 days. Deductibles can be once in a lifetime or repeatable.

Inflation Protection - This is offered as a policy rider to ensure your benefits are not eroded through the effects of inflation. It is built into your original premium and therefore will increase your annual premium. It is often recommended to younger clients for whom long-term inflation protection is more appropriate.

Home Health Care Coverage - This option enables the policyholder the option of receiving insurance benefits in their own home. It can include community care like Adult Day Care Centers and Assisted Living Facilities as well.

Nonforfeiture - This option provides - at an increase to base premiums - some form of paid-up benefit if the policy should lapse.

Our advisors can answer your questions about Long-Term Care insurance and which coverage options are available, as well as provide you with a competitive no-obligation quote.

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