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Long-Term Care

Long-term care (LTC) is assistance with activities like bathing, dressing or eating for a period greater than 90 days.

  • LTC can range from care at home to skilled care in a nursing home or memory facility.
  • LTC is not covered by traditional health insurance, HMO plans, Medicare or Medicare supplement policies.
  • Some health plans may cover nursing home or home care but only on a short-term or limited basis.

What is LTC Insurance?

  • LTC insurance is designed to help you conserve assets and live with dignity and independence when physically or mentally impaired.

How Does LTCi Work?

LTCi benefits trigger:

  • When you need help with at least 2 of 6 Activities of Daily Living (ADLs): bathing, dressing, toileting, transferring (to and from bed), continence, eating.
  • When you need help because of cognitive impairment: Alzheimer’s, dementia, depression, memory, reasoning, orientation, behavior.
  • When care is expected to extend beyond 90 days.

We’re finding some people prefer some of the advantages of going the “hybrid” route for their long-term care coverage. I work with highly experienced professionals who understand the “Hybrid” market inside and out.

Our hybrid clients typically:

  • Want a guarantee there will be NO rate increases to their premium, ever.
  • Are very comfortable financially and are tempted to even just self-insure the risk, but realize having insurance in place may be prudent.
  • Are people who have $100-150K in an easy-access fund like money market, CD, etc. – as “rainy day” money.
  • Like to know they are going to use this insurance. With Hybrid, there’s a death benefit (life insurance) or the option to use the death benefit for long-term care costs instead. Hybrids work very similarly to “stand-alone” LTC products at claim time.
  • May have income tax sensitivity. Benefits are income tax free.
  • May have more serious health issues preventing the stand-alone companies from issuing them a policy. (We can often find a hybrid company may accept some health histories that are not acceptable by stand-alone companies.)

Other advantages of some Hybrid LTC products:

  • One of our carriers still offers UNLIMITED lifetime coverage for LTC
  • Though monies are re-allocated, it remains YOUR money under your control. So the money will be used either for long-term care costs, or for a death benefit (life insurance) or you can pull out your money later.