Long-Term Care

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What is long-term care insurance?

Long-term care insurance is a type of policy that is designed to prepare you for the costs associated with assisted living and nursing care services and other medical costs as you age.

How does long-term care insurance work?

Long-term care insurance is a policy you purchase that you typically pay monthly premiums on for a long period of time, until you eventually reach an age where you start receiving a benefit payout. Benefits only kick in when you are in need, not when you reach a specific age.
Long-term care benefits typically cover the costs of the following:

  • Nursing homes
  • Assisted living facilities
  • Extended hospital stays
  • Recurring doctor visits
  • Multiple surgeries
  • Testing and diagnostic processes
  • Prescription medications
  • Physical therapy or other rehabilitation following surgery
  • Chemotherapy and radiation treatments
  • Fees associated with treating and recovering from long-term illnesses like stroke, dementia, or Alzheimer’s disease

Why would I need long-term care coverage?

There are numerous reasons someone may want to get a long-term care policy, however, there are three more common reasons considered:

  • You don’t want to put a financial burden on your kids to have to foot the bill for your medical care as you age
  • Your retirement will not be enough to cover future living expenses or medical costs
  • You make just enough money in retirement that you don’t qualify for Medicaid but you can’t afford to cover your costs either
  • It’s also important to keep in mind that Medicare doesn’t cover the costs of assisted living facilities or nursing homes which is why it’s important to have funds available for these potential costs.
  • Not all people ending up needing their long-term care coverage as they are able to maintain good health, however, long-term care insurance can be a good “just in case” method of preparation. You never know what the future holds for you and your health and it’s better to have a plan in place to help with the ever-rising costs of medical care and facilities.

Why We’re Different

While most insurance products are similar in price and function, insurance providers vary when it comes to structuring a policy tailored to you.

After all, there’s no such things as a one-size fits all insurance policy when it comes to your business.

Contact us today, and we’ll help you protect what matters most.