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Got Long Term Care Insurance? If Not, Why Not?

By Byron Udell | November 16, 2015

There’s a 70% chance you’ll need long-term care by the time you reach age 65. Do you have Long Term Care Insurance (LTC)? If not, you might want to think about getting some. Here’s why.

It’s time to think about things you probably don’t want to think about: getting old, wearing diapers, and not being able to take care of ourselves. In other words, we need to discuss—and you need to consider—long term care insurance…and not just because November is Long term Care Awareness Month.

Why?  Because according to USA Today, there’s a 70% chance that you will need long term care after you reach the age of 65.  If you do the math, that means there’s a 91% chance either you or your spouse will need long term care at some point.  All this means that it’s a safe bet that if you buy some form of LTC insurance, you’ll actually need it down the road.

How Do You Get Long Term Care Insurance?

There are two ways to make sure you’re covered with long term care insurance–you can either buy a life insurance policy with a long term care rider, or you can buy stand-alone long term care insurance.  With either option, you’d receive funds to cover care needed for activities of daily living or a severe cognitive impairment (if you qualify), including home health care, assisted living facilities, nursing homes, etc.

Why should you consider long term care insurance?  Why buy it as a rider?

At AccuQuote, we can help you regardless of which route you choose, but here are some compelling reasons why you should explore purchasing long term care insurance in the form of a rider added to your life policy:

  • Live-in care can cost $200 a day and a nursing home can be up to $300 a day (and that’s today; it’ll only cost more years from now!)—that’s as much as $219,000 a year if both you and your spouse need care simultaneously. Without long term care insurance, that financial burden could fall to your kids or other loved ones (that is, after your savings have been completely wiped out!)
  • Standalone long term care insurance can be very costly, and the rates can be raised at any time; LTC rider premiums are guaranteed NOT to increase as long as your policy is in force!
  • There’s a 90-day waiting period before traditional long term care insurance policies will begin paying your benefit; NOT the case with many LTC rider policies!
  • Premiums could be WASTED if you buy a standalone policy and never file a claim!
  • A long term care rider is a surprisingly affordable addition to a traditional life insurance policy

How does it work?

With an LTC rider, the life insurance death benefit is like a pot of money.  It can be used for LTC or it goes to your family (a win-win) when you die. To learn more, check out the video below.

As I mentioned earlier, we’re here to support you in whatever choice you make.  If you have any questions about long term care insurance or how a traditional life insurance policy can be used to cover the cost of long term care, give us a call at 800-442-9899. One of our specialists will help you analyze your needs and figure out what kind of coverage may work best for you. Or, if you prefer, you can request a free long term care insurance quote HERE. Just enter your information and someone will call you to discuss your options.

We only work with highly rated insurance companies – brand names you trust. You may be able to save money without sacrificing quality and strength.