Do I Need Long Term Care Insurance ?

Why is it so hard to have ‘The Conversation’ about long-term care?

No one likes to think about the final years of their life. It’s frightening. But not having the right plan in place could be devastating.

These are some questions you should ask yourself:

  • Who will take care of me if I am unable to care for myself?
  • Who will pay for me to receive professional help?
  • How much will it cost?
  • Will I be a burden to my children and loved ones?

Long-term care isn't just about you; it’s about those you love.

Online Long Term Care Insurance Application

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Six ways to pay for long term care insurance

Self-Insure

Learn more about self-insured.

Medicare/Medicaid

Learn more about medicare, medicare advantage, and medicaid.

Veterans Administration

Learn more about VA Benefits.

Traditional Long-Term Care Insurance

Learn more about traditional long-term care insurance.

Long-Term Care Annuities

Learn more about long-term care insurance with an annuity.

Long-Term Care/Life Insurance

Learn more about long-term care insurance with life insurance.

Self-Insure

This means pay for it yourself.  If you have enough savings or a robust retirement income, this is a viable option. However, the cost of long-term care ranges from $40,000+ for a part-time, custodial, in home aide to $100,000+ for a skilled nursing facility. This doesn’t cover possible ancillary medical costs or other living costs you and your spouse might incur as well. Current overall healthcare inflation is between 5%-15% depending on the product or service. Either way, it well out paces the current rate of 1.7%. Even with millions in savings, your funds will quickly diminish.

Medicare/Medicaid

You might believe if your investments are insubstantial enough to cover long-term care, the government will fund it. The short answer is maybe. But there are limitations to what services and how long the government will pay for care. And the paperwork to apply is perhaps even more daunting. Full coverage of long-term care is only provided to those who are completely destitute. And facility choices are limited with government reimbursement options because most prefer not to accept them as payment. Even without other challenges to contend with, these factors alone could result in inadequate care.

Veterans Administration

First and foremost, you need to have served in the military and have an honorable discharge. So only eight percent of the current population is eligible for this. It is important to note, the VA does not pay for room and board in residential settings such as Assisted Living or Adult Family Homes. The VA provides nursing home care if you meet certain eligibility criteria involving your service-connected status, level of disability, and income. The VA will not provide care for your spouse.