Long Term Care Insurance

Why should you plan?

At least 70 percent of people over age 65 will require some long-term care services at some point in their lives. And, contrary to what many people believe, Medicare and private health insurance programs do not pay for the majority of long-term care services that most people need. Planning is essential.

What is LTC?

LTC is a variety of services and support to meet health or personal care needs over an extended period of time due to a physical or cognitive disability. These services can be offered in your home or a facility such as assisted living or nursing home. Most long-term care is non-skilled personal care assistance, such as help performing everyday Activities of Daily Living (ADLs), which are: bathing, dressing, toileting, transferring (to or from bed or chair), caring for incontinence, and eating.

How much insurance coverage would I need?

Historically, women need longer care than men:

  • Women – Average care needed = 3.7 years
  • Men – Average care needed = 2.5 years

The cost of LTC

Long-term care is expensive (Based on 2015 Genworth study in Virginia):

  • One year of care in a nursing home = $92,688
  • One year of care in assisted living = $47,196
  • One year of care at your home = $43,472

Who pays for LTC?

Based on statistics, long term care has become an integral part of financial planning. Without protection, the costs can be financially devastating. While there are many ways to pay for the costs, none are more affordable or practical than long term care insurance.
Using an LTCI expert who is appointed with many different companies and who has intimate underwriting knowledge of these companies is the best way to ensure you receive the right policy at the right price from the right company.

Asset-Based LTCi

As an alternative to traditional long term care insurance, there is a newer, preferred way to protect yourself for long term care expenses - Asset-Based LTC. Asset-Based LTC is either a life insurance or annuity contract that will accelerate the death benefit for purposes of paying for long term care expenses. Additionally, you will usually have an option to purchase extended LTC coverage beyond the death benefit amount. Asset-Based LTC is a preferred contract because someone will at least receive a benefit even if LTC is not needed.

Get a quote

There are a variety of insurance companies that offer traditional and asset-based LTC options. Your VRTA Benefit Specialist will be able to shop both markets in order to find a plan to fit your coverage needs and budget. Give your VRTA Benefit Specialist a call at (800)467-5425 for a free quote!

Download a free copy here of "A Shopper's Guide To Long Term Care Insurance" by NAIC.