Long-Term Care Insurance

As you age, you may need help with basic things you have always been able to do by yourself such as shopping, cooking and cleaning. You may also need additional help with personal needs such as bathing, dressing or taking medications or need to consider an assisted living facility, nursing home or in-home care.
 

It may be difficult to imagine the need for long-term assistance later on in life that family and friends won’t be able to provide.
 

 

Long-Term Care insurance is the intelligent decision for if:
 

• You want to remain in your home for as long as possible

• You enjoy your home, value your independence and are not planning to go anywhere, and most certainly not to a nursing home.
   

Your family relationships are important to you don’t anything to jeopardise these valued and cherished relationships.
 

You worked hard your whole life and want to protect your assets, investments and retirement savings.

A long-term care insurance policy is designed to help you with covering the costs for these services and more.
 

Planning for long-term care costs is an important part of any financial retirement strategy. We can help you better understand long-term care insurance

 

What does long-term care insurance cover?
 

​Long-term care insurance helps pay for long-term needs not covered by regular health insurance, Medicare or Medicaid and is available to individuals age 65 or older or have a chronic or disabling condition 
 

Coverage includes:

• In home care. Personal care provided for you in your home

• Nursing home or assisted living facility

• Adult daycare facility 

• Occupational, speech, physical and rehabilitation therapy

• Respite Care 

• Hospice 
   

The cost of long-term care insurance depends on age, health status and the amount of coverage benefit chosen.
 

Benefits of a long-term care policy typically begin when; at least two activities of daily living require assistance, include bathing, eating or getting dressed. Benefits also can begin when diagnosed with having dementia or another cognitive impairment that also requires assistance with daily needs.

 

How much long-term care insurance benefit is needed?
 

Long-term care varies in cost based on where your choose to live and the type of care needed.The average long-term care costs from 2022 on average were:

• Home health aide: $63,400. per year

• Assisted living care facilities: $56,500. per year

• Nursing home with private room: $109,400. per year
   

How much does long-term care insurance cost?
 

Monthly premiums range from approximately $250. to $1,000. per month. The exact premium amount depends on the type of long-term care policy selected, the amount of coverage benefit chosen, health status and age. The younger you are, the less expensive long-term care insurance will be.