We’re all living longer, thanks to the combination of advancements in health care and improved medical technology over the last two decades. A longer life does not always equate to a healthier one, though, presenting the need to protect you and your loved ones from the potential of long-term care expenses. Long-term care (LTC) is necessary when you or a family member has an illness or injury that requires in-home care or skilled nursing care at an assisted living or nursing home facility. Long-term care insurance (LTCi) covers the cost of this care for a certain period which takes away what is typically a significant financial burden. Having this insurance coverage in place allows you and your loved ones to maintain some if not all of your assets should the need for ongoing care arise. Below, we’ve put together helpful tips and resources to help you understand long-term care insurance options and their benefits.
Since 2001, the American Association for Long-term Care Insurance, in conjunction with numerous government and private organizations, has worked to promote long-term care awareness through targeted campaigns and marketing initiatives. Initially, education surrounding the need and purpose behind long-term care planning and insurance was limited to a single week in November. Given our aging population […]
In an effort to provide more diverse options for individuals seeking coverage for long-term care (LTC) needs, insurance carriers developed yet another way for long-term care insurance to be sold. Under a single premium deferred annuity, individuals can gain coverage from an insurance company to cover the future costs of long-term care by providing a […]
Long-term care policies may also be available through group coverage, similar to health insurance or disability insurance. Oftentimes, group long-term care insurance is an additional benefit provided by an employer, but it can also be an option for members of an association or large organization. In today’s benefit market, group long-term care policies fall under […]
In addition to traditional long-term care insurance policies, individuals interested in transferring the financial risk of long-term care can do so effectively through certain life insurance policies. Known as a hybrid policy, a long-term care rider on a cash value, or permanent, life insurance policy can be added to cover the potential costs for care, […]
The largest proportion of long-term care policies sold within the United States is made up of comprehensive stand-alone coverage. Also known as a traditional long-term care policy, this type of policy aims to meet all the financial needs faced by individuals concerned about the risk of future long-term care costs. Under a stand-alone policy, an […]
As of the end of 2013, 44.7 million people were aged 65 or older, with an expectation of that number to more than double to 98 million by the year 2060, according to the Administration of Aging, an agency of the U.S. Department of Health and Human Services. As the population grows older, it is […]