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Long-Term Care Insurance

Don’t let costly long-term care wipe out all of your retirement savings.
Planning now with an advisor could help you preserve the
assets you've worked so hard to build for yourself and your family.

How does long-term care insurance work?

Long-term care insurance helps pay for the professional services and support you need for your personal care when you are no longer able to do it on your own. It can ease some of the burden of paying for expensive nursing homes, rehabilitation facilities and home health care, while helping to preserve the assets you've worked so hard to build.

Costs for long-term care may exhaust your retirement assets–just one year in a nursing home facility can deplete years of hard work and planning. Home care is becoming a popular option, but skilled home services are also very costly. Unfortunately, many people overestimate the role that Medicare and Medicaid can play in covering these costs.

What are the benefits of long-term care insurance?

Here are some of the potential benefits long-term care insurance can provide:

  • Potential tax advantages. Your premiums, within limits, may be itemized as a tax-deductible medical expense–consult your tax advisor to find out how this applies to your particular situation.
  • Savings if you start early. Like many insurance products, your annual premiums are generally lower if you purchase a long-term care policy when you are younger and in good health.
  • Higher chance of getting the care of your choice. As a policyholder, you may be in a better position to choose the type of care you want without compromising your independence.
  • Reduced financial risk. Long-term care insurance is designed to transfer some of the risk of high-cost care to the insurance company​.

 

Is long-term care insurance right for you?

Long-term care insurance may not be appropriate for everyone. Speak with an advisor to see if it makes sense for you.

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