What is LTC?

Long Term Care Insurance

Long-term care (LTC) insurance helps to pay for in-home care, assisted living, or nursing home costs. In the event that you become unable to perform daily tasks, LTC may help. Most LTC policies kick in once a person is unable to be independent with daily living skills. These include getting dressed, eating, bathing, and other self-care.


If you develop cognitive impairment, this may also be a reason for LTC benefits. For example, some people with dementia or Alzheimer’s may need additional support. LTC policy can provide the finances to help pay these costs, without depleting your retirement. Although there are exceptions, most health insurance policies do not cover this type of care. In addition, most disability insurances do not cover it, either. This is where an LTC policy can help.

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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 spent out of pocket in 2019 to care for people with dementia or Alzheimers. This does not even include unreported personal costs. Unfortunately, Medicare alone does not cover all expenses. Even if you have good health insurance, other care assistance may not be included.

LTC insurance, on the other hand, can be affordable. Most people begin to look at LTC premiums around age 50, although some people begin earlier to reduce their monthly premiums. In addition, some retirees may have other insurances that impact which LTC policies will work best for them. Reach out to us. We’re here to walk you through your options.

Why Consider LTC Insurance?

Besides the big costs, there are others reasons to look at LTC insurance. One main reason is to protect your retirement wealth. Nursing homes, home care, or assisted living costs can quickly eat up your earnings. Unfortunately, far too many retirees lose the money they worked hard for.

LTC Alternatives

In addition to a straight LTC-only policy, you may have other options. For example, some permanent life insurance products come with LTC options. In addition, certain annuities may also provide a way to secure your wealth in the event of an LTC need. For example, some annuities provide LTC riders. Basically, these policies allow you to access money early to pay for LTC. Also, within life insurance choices, you may have critical care or critical illness options.

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Let’s talk about protecting your wealth and health, long-term.

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