Long Term Care (LTC) Insurance

Long-Term Care (LTC) is a variety of services which help meet both the medical and non-medical needs of people with a chronic illness or disability who cannot care for themselves for long periods of time.

It is common for Long-Term Care to provide custodial and non-skilled care, such as assisting with normal daily tasks like dressing, feeding, using the bathroom.  Increasingly, long-term care involves providing a level of medical care that requires the expertise of skilled practitioners to address the multiple chronic conditions associated with older populations. Long-Term Care can be provided at home, in the community, in assisted living facilities or in nursing homes. Long-Term Care may be needed by people of any age, although it is a more common need for senior citizens.

Who should consider Long-Term Care Insurance?

You have worked very hard to provide for you and your family. You have planned for retirement to ensure a life style for you and your spouse. A forgotten area to address – “What happens if you or your spouse get sick and need care? What funds will you use to provide the care? What is the cost of care at home or a facility?”

70% of people under the age of 65 will need Long-Term Care services at some point in their lives.

Any planning you do should include how you will handle getting sick and needing care. Long-Term Care insurance will not only help protect your income and assets but your family as well.

Types of Long-Term Care

• A stand-alone policy
• A Hybrid product with life insurance

With the changing landscape of the Long-Term Care industry over the last several years, insurance companies are now offering more than the traditional stand-alone policy. Some of the issues with the traditional stand-alone are

• Premiums not guaranteed
• Use it or lose it concept
• Harder to qualify for coverage

What is a Long-Term Care rider?

When you add a LTC rider onto a life insurance policy and a situation arises wherein you would need care due either to physically or mentally needing help. Once approved, the rider will help provide for the cost of care at home, assisted living or nursing home facilities. Now the life insurance has a dual role of providing care if needed and self completes upon death.

Innovative Financial Group can help review existing coverage and discuss options that include Long-Term Care protection. We help answer the question, “How well are you planned and how can you tell?” Call today for a complimentary conversation.