Long Term Care Insurance

Long term financing options include coverage above and beyond health insurance that helps pay for the costs associated with long term care. 

  • Premiums are generally lower if you purchase coverage at a younger age and when you are in good health, as pre-existing conditions may impact eligibility or increase costs.

  • A financial advisor — or a lawyer who specializes in elder law or estate planning — can advise you about ways to save for future long-term care expenses and the pros and cons of purchasing long-term care insurance.

  • Consider the cost of premiums and how they fit into your budget, ensuring that you can sustain payments over the long term to maintain coverage.

  • The benefits paid out through a long-term care policy are generally not taxed as income. Also, most policies sold today are "tax-qualified" by federal standards. This means if you itemize deductions and have medical costs in excess of 7.5 percent of your adjusted gross income you can deduct the value of the premiums from your federal income taxes. The amount of the federal deduction depends on your age. Many states also offer limited tax deductions or credits.

  • You may have family and friends who can provide some of your long term care should you need it. We want to help you prepare. As your long term care insurance agent, we are here to help you decide who you want help from and to prepare you for how much you can reasonably expect from them.

Factors We Help You Consider 

A long term care insurance policy may help to protect your assets and may give you greater control over your future health care options. Some factors that our long term care insurance agents help you to consider before investing in long term care financing:

Personalized Expertise and Tailored Support For Your Golden Years

Alternate Long Term Care Financing Options

It's most affordable to purchase long-term care insurance when you're in your 40s and 50s, but some people may find that they have been diagnosed with an unexpected illness or chronic disease before they have had a chance to purchase the insurance. In today's market, there are several alternatives to long-term care insurance that may help.

  • Save and invest more money keeping the high costs of long term care services in mind. The median cost of staying in a semi-private room at a nursing home is $93,075/year; and having a home health aide assist with activities of daily living such as bathing, dressing or eating has a median cost of $54,912/year according to Genworth Financial.

    Invest in an annuity with a long-term care provision: With an annuity, you invest a lump sum of money, and in return you receive a specified amount of income paid to you at set intervals for the rest of your life. Many annuity products offer riders or provisions that will help pay for long-term care expenses.

  • Many life policies come with a long-term care rider that will pay benefits in case long-term care services are needed. When it comes to health, long-term care insurers are interested in your likelihood of needing assistance with daily living at some point in your life; while life insurers are focused on whether you are likely to die at an early age. It may be easier for some people who have chronic conditions to qualify for life insurance.

  • Short-term care policies typically cover 1 year or less of coverage and may be easier to qualify for in terms of health conditions. While it's best to have the richer benefits in a long-term care policy, it is better to have a short-term care policy than to be uninsured.

  • If you have limited income and your countable assets are less than $2,000 as an individual, Medicaid will pick up the tab for long-term care services.