Personal Insurance
Long Term Care Insurance
Statistics show that 70% of people turning age 65 will develop a severe long-term care need in their lifetimes and 53 million adult Americans – more than 1 in 5 are unpaid family caregivers. Long Term Care (LTC) insurance solutions provide money to meet long term care expenses. Long-term care refers to custodial support provided in settings like nursing homes, assisted living facilities, or at home. This care often involves assistance with daily activities, including dressing, eating, mobility, maintaining continence, using the toilet, and bathing. Additionally, it encompasses supervision for individuals with cognitive impairments, such as Alzheimer’s disease or those recovering from a stroke.
Common Reasons People Need LTC
- Illness: Cancer, Stroke, or Heart Disease
- Injury: Bone Fracture or Spinal Cord Injuries
- Aging: Natural Aging, Alzheimer’s, or Dementia
How Caregiving Can Impact Loved Ones*
22.3 average number of hours of care provided per week by caregivers.
%
62% of caregivers to people age 50+ have another job.
%
51% of caregivers said caregiving negatively affected their ability to do their jobs.
%
43% of partnered caregivers said caregiving negatively affected their relationship with their spouse/partner.
%
31% of caregivers with children said caregiving negatively affected their relationship with their children.
%
42% of caregivers say their financial situation has been affected by their caregiving.
* Long Term Care Statistics derived from:
100 Must-Know Statistics About Long-Term Care: 2023 Edition | Morningstar,
Caregiving in the U.S. 2020 – AARP Research Report,
Study Shows 1 in 5 Americans Provide Unpaid Family Care,
Caregiving: Planning to Protect Caregiver Health and Finances | Genworth | Genworth
Long Term Care Insurance Options
Self-Funding
You have options when it comes to funding sources for long term care. We can help you find the best approach for your family.
Traditional LTC Insurance
Once a common solution, insurers left the market due to high claims experience. New products are now entering the market but with much more risk shifted to the consumer.
Hybrid LTC
This is a life insurance product exclusively focused on providing a long term care benefit.
Life Insurance with a Living Benefits Rider
These are traditional life insurance products that have an additional long term care benefit added to them. They provide great double duty when there’s limited premium dollars.
Do You Love Paperwork? We Didn’t Think So.
One of the choices we’ll help you explore boils down to how benefits are paid. One approach, called reimbursement, requires you to submit expenses to the insurer and wait to get reimbursed for expenses. The approach we like and find most people prefer is called indemnity – you simply get a check once the insured has met the benefit qualification requirements. This is really valuable if you’re the caregiver. You’ve already got your hands full. You don’t need insurance company paperwork on top of everything else.