Long Term Care Insurance 101

Americans of all ages face high costs for long-term care. Accidents, stroke, or early-onset Alzheimer’s or Parkinson’s disease contribute to the surprising statistic that 41% of individuals receiving long-term care are under the age of 64. Many Americans are fortunate to be living longer, but longevity increases the likelihood that at some point you will require long-term healthcare. Current studies estimate that someone turning 65 today has an almost 70% chance of needing some type of long-term care.¹

Long-term care is generally not covered by private health insurance, Medicare supplement plans, or group/employer insurance. For seniors, the benefits provided through Medicare are limited.

How Much Does Long Term Care Cost?

The 2023 national average cost for care in a private room in a nursing facility is $9,034/month or $108,408/year. These costs are increasing further with the current record inflation. We have compiled the average costs reported by Genworth for each state.

How Does Long Term Care Insurance Help?

Long-term care insurance can help safeguard your hard-earned retirement assets, provide you with increased choices regarding the location and type of care you receive, and most importantly give you the peace of mind that your family will not be burdened with caregiving duties.

The Importance of Working With An Independent Broker

Long term care insurance (LTCi) is a specialized field of insurance. Local insurance agents frequently only offer one company’s LTCi coverage, if any at all. Working with a independent broker who specializes in LTCi allows you to compare long term care insurance plans side-by-side across all of the top companies. We work for you, not the carriers, to get you approved at the best rate available. Pricing can vary considerably for the same benefits between companies.

We will provide you with free, no-obligation quotes from all of the top carriers, including mutual carriers which few other firms are able to represent. Working with multiple carriers also helps us to secure approvals for clients who may have preexisting conditions.

Complete our simple quote request form or give us a call today at 866-582-2765. You are also welcome to schedule a consultation with our Calendly link.

References
¹ U.S. Department of Health and Human Services, Administration for Community Living
https://acl.gov/ltc/basic-needs/how-much-care-will-you-need

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