Long-term care insurance, also known as LTC insurance, is used to pay for expensive care services, typically from a nursing home or assisted living facility. Long-term care insurance for seniors is difficult, because policies are very expensive and the medical underwriting is hard to pass.
However, the need for long-term care insurance is very strong. Statistics tell us that after the age of 65, there’s a 70% chance we will end up in a nursing home. Nursing homes cost around $8,000 per month and are expected to double in cost over the next 20 years.
A long-term care policy can protect you from losing your assets to the nursing home, and subsequently going on public aid (Medicaid). An LTC policy can also give you the freedom of choosing where to receive care. A nursing home is not the only option – there are assisted living facilities and even skilled nurses who can help you in your own home.
Many disregard long-term care insurance assuming their family and loved ones will take care of them when the time comes. We highly recommend that you avoid this if possible. Statistics show that caregivers endure a huge amount of stress, their health deteriorates, and they can even lose as much as 10 years off their life due to the extreme stress involved (National Academy of Sciences).
It’s not about just protecting your assets and material belongings – it’s about protecting your loved ones.
Long-Term Care Insurance for Seniors
We encourage all seniors to at least attempt to pass medical underwriting. This gives us a starting point to see if you’re even eligible for long-term care insurance. If you are accepted, we can take a look at quotes and how LTC insurance would fit into your budget.
If long-term care insurance proves to be out of reach, there are other options.
Short-term care is an alternative to long-term care, and you can read more about how the two compare here.
Another option is life insurance with long-term care. This is a two-in-one product that gives you the benefits of a permanent life insurance policy while offering to cover long-term care costs should you need it. You can read more about life insurance with long-term care here.
