The Value of Long-Term Care Insurance
As individuals plan for retirement, one important risk that is often overlooked is the potential need for long-term care.
Long-term care refers to assistance with everyday activities such as bathing, dressing, eating, mobility, or supervision due to cognitive decline. This type of care may be provided at home, in assisted living communities, or in nursing facilities. Understanding the potential financial impact of long-term care is an important part of a well-structured retirement plan.
Three Things You May Not Know About Long-Term Care
The need is real.
According to the U.S. Department of Health and Human Services, someone turning age 65 today has nearly a 70% chance of needing some type of long-term care services during their lifetime. While many people assume they will never require this type of care, increasing life expectancy and medical advances mean more individuals are living long enough to potentially need assistance later in life.
The cost can be significant.
Long-term care expenses can be substantial and vary depending on the type of care and geographic location. National surveys show that the cost of nursing home care, assisted living, and home health services has continued to rise in recent years. Without proper planning, these expenses can place significant pressure on retirement savings and family financial resources.
Alternative funding options are limited.
Many people assume their health insurance will cover long-term care expenses. However, Medicare generally does not cover long-term care or custodial care, although it may provide limited coverage for medically necessary skilled care following hospitalization. Medicaid may cover long-term care for individuals who meet state eligibility and financial requirements, which often involve strict asset and income limits.
Because of these limitations, many individuals explore long-term care insurance as a way to help address this potential financial risk.
Planning Options You May Want to Consider
Standalone long-term care insurance policies are designed specifically to help cover the costs of long-term care services.
Hybrid life insurance policies with long-term care benefits may allow policyholders to combine life insurance protection with potential long-term care coverage within a single policy.
Certain annuity-based products may also offer long-term care benefit features that can help address potential care costs depending on the product structure and issuing carrier.
Each option may have different features, costs, and limitations depending on the policy and carrier.
Wondering How This Applies to You?
Every situation is different. Sometimes a simple conversation can help bring clarity to the next step.
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To learn more about long-term care planning options, or to determine whether long-term care protection may be appropriate for your situation, request your complimentary consultation to discuss your retirement planning options.
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Disclosure
This content is provided for educational and informational purposes only and does not constitute individualized financial, tax, or legal advice. Investment and insurance products contain fees, costs, limitations, and exclusions. Policy performance and benefits depend on the specific contract, issuing carrier, funding, and assumptions. Consult qualified professionals regarding your specific situation.
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