The Complete Guide to Long Term Care

Long-Term Care involves a variety of services designed to meet a person’s health or personal care needs during a short or long period of time.

These services help people live as comfortably as they can when they can no longer perform everyday activities on their own.

Long-term care is provided in many different places and by many different caregivers, depending on a person’s physical and psychological needs. Because of the high cost of long-term care, most long-term care is provided at home by unpaid family members and friends. This can be draining and that is where long-term care insurance can help!

Who needs Long-Term Care?

Many people think that long-term care is something someone else is going to need, but research from the U.S. Department of Health and Human Services suggests that more than 50 percent of older Americans will require long-term care in their lifetime. And, perhaps even more shocking, the price of long-term care may approach upwards of $150,000 or more.

Everyone runs the risk of being impacted by an injury or illness that would require them to receive long-term care and assistance. Even being under the age of 65 does not protect an individual. For example, a younger person could be severely injured in a car accident, leading to the need for long-term care. This is where long-term care insurance would strongly benefit.

What is the average cost of Long-Term Care?

Long-term care can be expensive with many parts of the country averaging anywhere from $80,000 – $90,000 per year at a nursing home and assisted living facility! Because of the cost of long-term care many individuals look for in-home care, but home health workers can cost upwards of $20 – $25 per hour, according to Sixty + Me, and even more if you or your loved one requires 24/7 care or specialized services.

Because of the looming price tag of long-term care, many families attempt to cobble together family caregivers. As you can imagine, this can be stressful and overwhelming for family members trying to balance work, life, and care of a loved one. Long-term care can be expensive, but it is possible to leave your family without the financial burden of your long-term care.

What is Long-Term Care Insurance?

Long-Term Care Insurance is coverage that provides nursing-home care, home-health care, and personal or adult daycare for individuals with a chronic or disabling condition that needs constant supervision.

How much coverage do I need?

When determining your needs, there are various factors to take into consideration which include age and health, income, policy premiums, savings and investments, taxes, and family and friends support. One of the most important things to consider when determining your Long -Term Care Insurance needs is covered services, and how those services are paid for from a policy. There are four main decisions you need to make when designing a Long -Term Care Insurance policy. Those include:

  • The Benefit Amount
  • The Benefit Period
  • The Elimination Period
  • Inflation

While the need for long-term care may seem like it is a lifetime away, planning now can help save your premiums down the road. We have trusted relationships with carriers that can help get you the coverage you need for your particular wants and needs.

Contact Advisors Insurance Brokers

If you’d like to learn more about Long-Term Care, check out our long-term care fact sheet. Our team is standing by to help. Contact our Long-Term Care Director, Melissa Frasier, at (800) 695-8224 ext. 115 or via email today!


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