Long-Term Care Insurance

What is long-term care?

Long-term care (LTC) is the assistance or supervision you may need when you are not able to do some of the basic activities of daily living (ADL) - bathing, dressing, eating, continence, toileting and transferring.  Others may need help because of mental deterioration called severe cognitive impairment that can be caused by Alzheimer’s Disease, other mental illness or brain disorders.

A need for long-term care may result from:

  • Accidents
  • Illness
  • Advanced aging
  • Strokes
  • Other chronic conditions

Long-term care can be received at home, in the community or in a nursing or assisted living facility.  You may qualify for long-term care insurance benefits if you can’t perform two ADLs by yourself for at least 90 days or require substantial supervision if you suffer from a severe cognitive impairment.


Why Consider long-term Care Insurance?

Have you thought about the consequences a long-term care event could have on you and your family?  If you aren’t protected, how would that affect your retirement plans and your family?


Long-term Care Insurance Can Help You Gain Control

Long-term care insurance can be a practical and more affordable way to help pay the high costs of long-term care services.  It may also help you:

  • Maintain your independence so that you don’t become a burden on your family.
  • Maintain control over how you spend your savings.
  • Have more choice in who provides your care and where you receive it.


What Is Your Plan?

Some people believe they can self-insure by allocating personal savings for long-term care.  Once you do the math, however, you’ll see that long-term care insurance coverage may be the better option.

For an example, if you used an estimated $2000 a year to purchase long-term care insurance, you could have access to approximately $716,400 for covered long-term care versus $69,400 from self-insuring.*

* For representative purposes, assumes premium for issue age 60, married, preferred with $4,500/month benefit and other factors.