As we age, the chances of needing some form of medical or personal care increase significantly. Many individuals eventually require long-term care—a range of services that support people with chronic illnesses or disabilities who can no longer manage daily tasks independently.
These services can include help with:
Dressing
Bathing
Using the bathroom
Eating
Moving around the home
Long-term care can be provided at home, through community services, in assisted living facilities, or in nursing homes.
Long-term care is not a short-term need. It often lasts months or even years, and it can come at a high financial cost.
According to www.longtermcare.gov, the average cost exceeds $50,000 per year. Unfortunately, Medicare, Medicare Supplement plans, and basic health insurance generally do not cover these expenses.
Long-term care insurance is designed specifically to fill this gap—providing financial protection where traditional health coverage falls short.
Ask yourself:
If I needed daily assistance for six months, a year, or longer, could I afford to pay out-of-pocket without disrupting my lifestyle or depleting my savings?
If the answer is no, long-term care insurance may be a valuable option for you.
A long-term care insurance policy pays a daily or monthly benefit based on your care needs. Policies vary, but may offer:
Coverage for a set number of years (e.g., 3 or 4 years)
A total payout cap (e.g., $150,000)
Inflation protection, allowing your benefits to increase annually to match rising care costs
It’s never too early to start planning. Here’s why:
Lower Premiums: The younger and healthier you are when you buy, the more affordable the premiums.
Guaranteed Renewable: Once in place, your policy cannot be cancelled as long as you pay your premiums.
Health Qualification: If you wait too long and develop a health condition, you may no longer be eligible for coverage.
If you’re age 45 or older and don’t yet have long-term care coverage, now is a good time to explore your options.
For more information or to receive a personalized quote, feel free to get in touch today.
This Medicare information section is here to educate you about your insurance options and provide you with the resources you need to help you select the right plan for your unique needs.
If there’s anything you need or if you have any questions, please feel free to contact us. We are here to help.