Long-Term Care Insurance


What is Long-Term Care? Long-Term Care is a range of services designed to meet chronic health or personal care needs over an extended period of time. One day, you might  find that you need help with things that you do every day. These are called Activities of Daily Living (ADLs) and include bathing, dressing, using the toilet, transferring (to or from a bed, chair, or wheelchair), continence, and eating. Long-Term Care maximizes your independence and functioning at a time when you are unable to be fully independent.

Where are Long-Term Care services provided? Services may  be provided in a variety of settings by a different people from family to nurses. The most common place to start is in your own home by a volunteer caregiver who can  be a spouse/partner, family member or friend, nurse, home health/home care aide or therapist. Other places for services may be in a variety of long-term care facilities like Assisted Living Facilities or Nursing Homes.

What does Long-Term Care cost? The average cost in the United States (in 2011) was:

- $209/day for a semi-private room in nursing home

- $233/day for a private room in a nursing home

- $3350/month for care in an Assisted Living Long-Term Care Facility (for a one bedroom unit)

- $21/hour for a Home Health Aide

- $19/hour for Homemaker services

- $69/day for care in an Adult Day Care Center

There are two primary factors to consider when deciding when to buy long-term care insurance:

1. The cost of long-term care insurance generally increases with each year older you are when you purchase the policy. For example, a person who buys long-term care at age 55 will probably pay a higher annual premium amount than someone who purchases coverage at age 50. Keep in mind, too, that premiums are due annually (with most products).

2. It is best to buy long-term care insurance when you are younger, healthier, and more likely to be approved for coverage.

Some tax advantages when purchasing Long-Term Care Insurance can include premium deductions, tax free policy benefits, out-of-pocket LTC expense deductions, small business deductions, and additional state credits and/or deductions.

To learn more about long-term care and Long-Term Care Insurance please contact us today for additional information and to request a quote.


Please visit our other pages to learn more:

Term Life Insurance

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Universal Life Insurance

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No Medical Exam Life Insurance

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