Long-Term Care Insurance

Why consider buying long-term care insurance? People are living longer on average today, which means they have more years in which they have a risk of serious health problems. With rising health care costs and people’s need to stretch retirement savings over years, it’s wise to consider long-term care (LTC) insurance seriously. LTC insurance can help you protect your assets, minimize your dependence on family members, and control where and how you receive long-term care services.

Ordinary health insurance policies and Medicare usually do not pay for long-term care expenses. Medicaid, a federal/state health insurance program, pays for long-term care only if you’ve already spent most of your savings or other assets.

What does LTC insurance cover? Depending on the policy you choose, LTC insurance typically covers the cost of:

• Help in your home with daily activities like bathing, dressing, eating and cleaning.
  
  
• Community programs, such as adult day care.
  
  
• Assisted living services that are provided in a special residential setting other than your own home. These services may include meals, health monitoring, and help with daily activities.
  
  
• Visiting nurses.
  
  
• Care in a nursing home.
  
  

When is the right time to buy a LTC policy? The best time to buy LTC insurance may be middle age because you have the highest likelihood of being eligible for a policy, and premium costs are typically lower than at older ages. Depending on the policy, people in their 70s and 80s may be ineligible for LTC coverage, or the premiums may be very high.

Through our strategic alliance with DI Broker, your Beneficial financial professional can offer a variety of LTC products from various companies, including MetLife, Med America, Prudential, Genworth (GE), John Hancock, and State Life.

To find out more or get a price quote, click here to find a Beneficial agent near you. If you wish, a Beneficial financial professional can also help you analyze your situation and provide you with personalized options and solutions to help you reach your financial goals.