Long term care
Long term care insurance is used to pay for day-to-day assisted living expenses like eating and dressing, health monitoring, residency in an assisted living facility or nursing home, and other types of care.
Nearly 40% of people age 65 will spend some time in a nursing home. It is typical for private nursing home costs to exceed $65,000 - $90,000 per year! And it is important to understand that Medicare does not cover long-term care expenses, nor do Medicare Supplement policies.
If you have an HSA, long-term care insurance premiums may be paid (with pre-tax dollars) from your Health Savings Account up to the following limits:
|Age||Amount That Can Be Paid From HSA|
|40 or less||$420|
|More than 40 but not more than 50||$780|
|More than 50 but not more than 60||$1,560|
|More than 60 but not more than 70||$4,160|
|More than 70||$5,200|
Long-Term Care Quotes
When purchasing long-term care coverage, the key is to get the coverage you need at the lowest available cost, without paying for features that you don’t need. With access to quotes from dozens of plans, we can help you find the best plan for your needs.
Fill out the form below to receive a detailed comparison of available plans in your area:
How to Choose a Long-Term Care Plan
These are the following features you should consider when investigating long-term care insurance:
- Covered Benefits – be sure to get a plan that covers a range of options and locations, including assisted living facilities, adult day care, and at-home services.
- Benefit Triggers – be sure you understand what triggers the benefits. Typically, this is when you are no longer able to perform at least two activities of daily living.
- Benefit Limits – understand how much your policy will pay, and for how long. The average stay in a nursing facility is 2.5 years. If you can afford it, choose a plan with lifetime coverage.
- Elimination Period – this is the period of time during which you must pay your long-term care expenses. The longer the period, the lower the cost of coverage.
- Inflation Rider – a plan with this benefit will protect you from increasing costs.
Our long-term care specialist is Tom Lockwood. He can answer your questions, assist in determining the options you need, help you compare plans, and help you enroll in a plan quickly and easily. Call us at (800) 913-0172 to schedule a phone meeting.