Long-Term Care Insurance Coverage 






“In the next two decades, an aging population, fewer family caregivers, increasingly limited personal resources, and growing strains on federal, state, and family budgets will create an unsustainable demand for LTC (long-term care).” Source: Bipartisan Policy Center (2014).

Long-term care is a range of services to assist with the personal tasks of everyday life, sometimes called activities of daily living (assistance with eating, bathing, dressing, toileting, etc.), which can cost up to $50 per hour. In 2020 in Raleigh, NC, a semi-private room in a nursing home averaged $85,776, per year!

Medicare doesn’t cover long-term care (also called custodial care), if that’s the only care you need. Most nursing home care is custodial care.” (Medicare.gov) Medicare and/or private health insurance typically only cover medical and hospital bills and not the long-term care services.


Things to Consider…

Nearly 41% of LTC is provided to people under age 65, and 70% of people turning age 65 will need LTC services at some point in their lives (U.S. Department of Health and Human Services). Potential causes: Multiple Sclerosis, Parkinson’s disease, brain tumor, spinal cord injury, stroke, cognitive impairment, advanced age, etc. — unfortunately the list goes on.

It is difficult to know if and when you will need LTC, but the longer you wait to purchase it, the higher the cost and the more difficult it may be to qualify. The average life expectancy is now 82 years — the longer you live, the greater your chances of needing assistance due to a chronic condition.

Some insurance companies offer “hybrid” policies, which combine life insurance and some long-term care coverage. The advantage of this combination policy is that you’ll get benefits for your premiums regardless of whether you need long-term care – either long-term care payouts or a death benefit for your heirs.



Long Term Care
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