What Is

Long Term Care Insurance

Let’s talk about protecting your wealth and health, long-term. Contact us at Green Line NW today to learn more about your long-term care insurance options!
Long-term care (LTC) insurance assists in paying for in-home care, assisted living, or nursing home costs. In the event that you are unable to accomplish daily tasks or personal care, long-term care can help. Most LTC insurance policies kick in once a person can not independently perform activities of daily living. These include eating, bathing, dressing, and other personal care activities. If you develop cognitive impairment, this may also be a reason for long-term care benefits. For example, some people with dementia or Alzheimer’s may need additional assistance. LTC insurance plans can provide the finances to help pay these costs, without depleting your retirement. Although there are exemptions, most health insurances do not cover this kind of care. Most disability insurances do not cover it, either. This is where an LTC insurance plan can benefit you.
The Costs of Care
The costs of long-term care without insurance can be very high. According to the Alzheimer’s Association, $66 billion dollars was paid out of pocket in 2019 to care for people with dementia or Alzheimers. This does not even include unreported personal expenses. Sadly, Medicare simply will not cover all your expenses. Even if you have good health insurance, other support services may not be covered. Long-term care insurance, however, can be affordable. Most retirees start to look at LTC insurance premiums around age 50, although some people begin earlier to decrease their monthly premiums. Additionally, some retirees may have other insurances that influence the long-term care insurance policies that will be most beneficial for them. Reach out to us today! We’re here to answer any questions you may have.
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Why Consider Long-Term Care Insurance?

Besides high expenses, there are other reasons to consider LTC insurance policies. One chief purpose is to keep your retirement saving safe. Nursing homes, home health aides, or assisted living costs can quickly eat up your savings. Unfortunately, far too many retirees lose the money they worked hard for.

Long-Term Care Alternatives

In addition to straight LTC-only policies, you may have other alternatives. For example, some permanent life insurance plans come with long-term care insurance options.

In addition to straight LTC-only policies, you may have other alternatives. For example, some permanent life insurance plans come with long-term care insurance options. 

Also, several annuities can also present a way to secure your money in the event of a long-term care need. For example, some annuities provide long-term care insurance riders. Fundamentally, this just means these plans allow you to access money early to pay for long-term care. Also, within life insurance choices, you may have critical care or critical illness options.

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