Long Term Care Insurance

Understanding Long Term Care

What is Long Term Care Insurance?

Long term care (LTC) refers to the assistance that people with serious illness, injury, or cognitive impairment require with activities of daily living. This skilled care is provided by nurses, therapists, or other healthcare professionals.

The average cost of LTC in the United States is $6,163 per month for home care.¹ A majority of people believe that medical insurance, such as their private health insurance or HMO, will pay for all or much of their LTC needs. However, in most cases general health insurance only provides very limited coverage.

That is where long term care insurance (LTCi) comes in. It is designed to help cover the expenses associated with the need for LTC, including personal and custodial care in a variety of settings such as your home, adult day care facilities, assisted living, nursing facility, or hospice.

¹ U.S. Department of Health and Human Services. National Clearinghouse for Long-Term Care Information. www.longtermcare.gov/the-basics/how-much-care-will-you-need, February 2020

² https://www.caregiver.com/cost-of-care

Comprehensive Care Options

Types of Long Term Care Services

Every type of care you'll ever need, from home care to specialized facilities

Home health care

Location: In-home care

Homemaker services
Personal care
Nursing services
Registered Nurse
Licensed Practical Nurse
Health care aide
Personal care aide
Therapy services
Speech & Respiratory
Physical

Adult day care

Location: Community day care

Part-time care in a group setting
Social interaction and security

Assisted living facility

Apartment-like conditions

Personal care assistance
Non-skilled care services

Nursing facility

Institutional care facility

Skilled care
Intermediate care
Custodial care

Memory care

Specialized Alzheimer’s & Dementia support

Secure environment
24/7 supervision
Cognitive support programs

Coverage Options

Long Term Care Coverage Types

Choose the perfect coverage plan that fits your unique needs and financial situation

Traditional

LTC coverage only

This is the most cost-effective way to protect against risk. Policies do not build cash value and generally do not provide a death benefit.

Flexible

Hybrid (Life)

Combination LTCi and modest life insurance

This offers LTC protection, a modest death benefit, and sometimes a return of premium feature—could benefit someone who is looking to reposition an existing asset or 1035 exchange proceeds from an old life insurance contract.

Easy Underwriting

Hybrid (Annuity)

Combination LTCi and annuity

This is good for someone looking to leverage an existing annuity to fund a solution or older individuals who may be looking for easy underwriting.

Maximum Benefit

Rider (Life)

Combination LTCi and significant life insurance

This is good for maximizing the death benefit while retaining flexibility to address the costs associated with LTC. Policy riders are available at an additional cost and may not be available for all products or in all states. Terms and conditions apply.

Which type of coverage is right for you?

Our expert agents will help you navigate your options and find the perfect fit

Find out if LTC premiums are tax deductible

Find out if you can do a tax-free 1035 exchange of your existing life insurance or annuity into LTC

Not all products are available in all states

There are state regulations related to LTCi that you should be aware of too

Talk to our expert agents; they can work with you to find the best solution customized to your needs. Complete the form below and we can contact you with a quote.

$6,163

70%

3 Years