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Navigating Long-Term Care Insurance Costs: What You Need to Know

Don't let the cost of long-term care catch you off guard. Planning now safeguards your financial future and ensures that you and your loved ones receive the care you deserve—without the burden of unexpected expenses. Protect your peace of mind and secure a stable, worry-free future.

Planning to pay for long-term care insurance.

As we age, the likelihood of needing long-term care increases. Whether it's in-home care, assisted living, or nursing home support, these costs can quickly escalate, placing a heavy financial burden on you and your loved ones. But it doesn't have to be this way. The right long-term care insurance plan can safeguard your future, ensuring you get the care you need without draining your savings.

Did you know that almost half of men (49%) and nearly two-thirds of women (64%) who reach age 65 will need significant long-term care? This striking fact, from a 2022 Department of Health and Human Services (HHS) study, highlights that while many rely on unpaid care from family and friends for support, many still require paid assistance to meet their needs.

Don't let the cost of long-term care catch you unprepared.

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Why Plan for Long-Term Care Insurance?

Financial Security

Protect your savings and assets from the high long-term care costs.

Peace of Mind

Know that your future care needs will be covered, reducing the stress on your family.

Flexibility in Care Choices

Choose the type of care you want, whether it's at home or in a specialized facility.

Tom Cooper

Insurance Agent

MBA, CLU®, CFA, LTCP

Personalized Insurance & Financial Solutions

As an enthusiastic life & health insurance agent, I am committed to helping my clients achieve their insurance goals.

About Me

As a seasoned Senior Life & Health Insurance Agent with more than ten years in the industry, my focus lies in guiding individuals, families, and businesses towards safeguarding their financial prospects. I am driven by a mission to offer tranquility and financial stability to my clients, crafting bespoke life insurance strategies that align with their specific requirements. My dedication is rooted in forging enduring connections based on mutual trust, clear communication, and outstanding client service.

My dedication is rooted in forging enduring connections based on mutual trust, clear communication, and outstanding client service.

285 Fulton Street New York, NY 10007

(212) 820-9100

Types of Long-Term Care Insurance Policies

Experienced insurance and financial professionals suggest two main options for securing long-term care insurance: purchasing an independent policy from a preferred provider or integrating coverage into a life insurance plan. Both options require regular premium payments to keep the policy active, allowing claims when needed. Policyholders can choose their coverage amount, which influences premium costs, while most policies set limits on daily and lifetime benefit payouts, ensuring clarity on the level of protection provided.

How Does Long-Term Care Insurance Work?

Irrespective of the selected plan, a healthcare provider's prescription of long-term care assistance is a requisite for activating coverage under a long-term care insurance policy. For standalone policies, it is common for the insurance provider to make direct payments to a home care agency or skilled nursing facility on behalf of the insured. Certain standalone policies also facilitate direct payments to the insured individual. Following an elimination period typically lasting 30, 60, or 90 days, the insurer begins reimbursing the policyholder for necessary long-term care services, up to the maximum daily amount stipulated by the coverage, until they reach the full lifespan of the policy.

What Does Long-Term Care Insurance Cover?

A long-term care policy offers invaluable protection for those who may need assistance with activities of daily living due to chronic medical conditions, disabilities, or disorders. These policies typically require the individual to need help with at least two ADL areas for an extended period, as determined by a healthcare provider.

When included in a life insurance policy, long-term care coverage can provide a significant financial lifeline, paying a percentage of the death benefit towards monthly care costs for several years. For instance, a $100,000 life insurance policy could offer up to $2,000 per month for three to five years, offering flexibility in utilizing the funds for various care options, including skilled nursing facilities, assisted living communities, or home care.

While $2,000 per month may seem substantial, long-term care expenses can quickly accumulate. Skilled nursing facilities charge over $90,000 annually for a shared room, while assisted living and in-home care also have significant costs.

The examples provided are hypothetical and are for illustrative purposes only. They are not intended to represent actual scenarios.

Consulting with an insurance and financial professional is a great start to identifying your long-term care insurance needs.

Despite potential challenges in obtaining coverage for preexisting conditions, individuals should not be discouraged from seeking long-term care insurance. Although premiums may be higher, the security and support the coverage provides can be invaluable in the future.

Why Expert Guidance is Essential

Tailored solutions for your unique needs

Because your values and goals are personal to you, a one-size-fits-all solution simply won't do.

Get the ideal solution for you

Consulting with an experienced professional can help you explore options to find the right balance of benefits tailored to your needs.

Together for the long haul

As your life evolves, so do your needs. I’ll be there to help you every step of the way.

We have got you covered

Safeguard your tomorrow and secure your peace of mind with long-term care insurance.

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