Call Us 636-791-1330 ☰ ˟
Logo
"Our plans are
based on Yours"
Call Us 636-791-1330
  • Home
  • Get A Quote
    • AutomobileImage of right arrow
      • Auto Insurance Quote
      • Auto Quote Form (short)
    • Homeowners
    • Life
    • Long-Term Care Insurance
    • Motorcycle
    • Other
    • Recreational Vehicle
    • Renters
    • Retirement Plans
    • Watercraft & Boat
  • Customer Service
    • AutomobileImage of right arrow
      • Request ID Card for Auto Policy
      • Request Declaration and Coverages Page for Auto Policy
      • Send Declaration and Coverages Information to Lien Holder
      • Add Vehicle to Existing Auto Policy
      • Remove Vehicle from Existing Auto Policy
      • Add Driver to Existing Auto Policy
      • Remove Driver from Existing Auto Policy
    • HomeownersImage of right arrow
      • Request Declaration and Coverages for Existing Homeowners Insurance Coverage
      • Request Evidence of Insurance
    • Life
    • MotorcycleImage of right arrow
      • Request ID Card for Motorcycle Policy
      • Request Declaration and Coverages Page for Motorcycle Policy
      • Add Motorcycle to Existing Policy
      • Remove Motorcycle from Existing Policy
      • Add Driver to Existing Motorcycle Policy
      • Remove Driver from Existing Motorcycle Policy
    • Recreational VehicleImage of right arrow
      • Request ID Card for Recreational Vehicle Policy
      • Request Declaration and Coverages Page for Recreational Vehicle Policy
      • Add Recreational Vehicle to Existing Policy
      • Remove Recreational Vehicle from Existing Policy
      • Add Driver to Existing Recreational Vehicle Policy
      • Remove Driver from Existing Recreational Vehicle Policy
    • Renters
    • Watercraft & BoatImage of right arrow
      • Request ID Card for Watercraft Policy
      • Request Declaration and Coverages Page for Watercraft Policy
      • Add Watercraft to Existing Policy
      • Remove Watercraft from Existing Policy
      • Change Primary Operator on Existing Watercraft Policy
  • Blog
  • Resources
    • Secure File Area
    • Refer a Friend
    • Important Links
  • About Us
    • About Trinity Insurance Agency
    • Location Map
    • Privacy Policy
  • Contact
    • Contact Us
Home > Long-Term Care Insurance Home

Long-Term Care Insurance


Long-Term Care Insurance Quote Forms

Looking for coverage? Click any of the following links to submit a quote for quick, accurate and affordable rates.

Long Term Care Quote

Long-Term Care Insurance Information

It might be hard to imagine now, but chances are you’ll need some help taking care of yourself later in life.

The big question is: How will you pay for it?

Buying long-term care insurance is one way to prepare. Long-term care refers to a host of services that aren’t covered by regular health insurance. This includes assistance with routine daily activities, like bathing, dressing or getting in and out of bed.

A long-term care insurance policy helps cover the costs of that care when you have a chronic medical condition, a disability or a disorder such as Alzheimer’s disease.

Most policies will reimburse you for care given in a variety of places, such as:

*Your home. *A nursing home. *An assisted living facility. *An adult day care center.

Considering long-term care costs is an important part of any long-range financial plan, especially in your 50 and beyond. Waiting until you need care to buy coverage is not an option. You won’t qualify for long-term care insurance if you already have a debilitating condition. Most people with long-term care insurance buy it in their mid-50s to mid-60s.

Whether long-term care insurance is the right choice depends on your situation and preferences.

About half of 65-year-old person today will eventually develop a disability and require some long-term care services, according to a study revised in 2016 by the Urban Institute and the U.S. Department of Health & Human Services. Most will need services for less than two years, but about 14% will require care for more than five years.

Regular health insurance doesn’t cover long-term care. And Medicare won’t come to the rescue, either; it covers only short nursing home stays or limited amounts of home health care when you require skilled nursing or rehab. It does not pay for custodial care, which includes supervision and help with day-to-day tasks. If you don’t have insurance to cover long-term care, you’ll have to pay for it yourself. You can get help through Medicaid, the federal and state health insurance program for those with low incomes, but only after you’ve exhausted most of your savings.

People buy long-term care insurance for two reasons:

  1. To protect savings. Long-term care costs can deplete a retirement nest egg quickly. The median cost of care in a semi-private nursing home room is $89,297 a year, according to Genworth’s 2018 Cost of Care Survey.

ANNUAL MEDIAN COSTS OF LONG-TERM CARE IN 2018

Home health aide Homemaker services Adult day health care Assisted living facility Nursing home care
Source: Genworth 2018 Cost of Care Survey
$50,336 $48,048 $18,720 $48,000 $89,297 for semi-private room

$100,375 for private room

 

2. To give you more choices for care. The more money you can spend, the better the quality of care you can get. If you have to rely on Medicaid, your choices will be limited to the nursing homes that accept payments from the government program. Medicaid does not pay for assisted living in many states.

Buying long-term care insurance might not be affordable if you have a low income and little savings. The National Association of Insurance Commissioners says some experts recommend spending no more than 5% of your income on a long-term care policy. 

Alternatives to buying traditional Long Term Care Insurance 

Save money for long-term care

If you have robust savings, you could plan to pay for long-term care out of pocket.

  • Pro: You don’t risk paying for insurance that you may never use.
  • Con: A few years of care could put a big dent in your savings, leaving less money for your heirs. You could also run out of money. In that case, you could apply for coverage through Medicaid, which would pay for nursing home care. But then your options would be limited to facilities that accept Medicaid patients. And the program doesn’t pay for assisted living in every state.
Tap into ‘living benefits’ on a life insurance policy

This feature is sometimes called “accelerated death benefits” and is available on most permanent life insurance policies such as whole life insurance. It lets you take a portion of the life insurance payout while you’re still alive to pay for medical expenses, including long-term care. The death benefit is reduced by the amount used for long-term care.

  • Pro: The cost is included in your rates on some life insurance policies, and you can add it for a small cost on others when you buy.
  • Con: The triggers for when you can access the benefits for care vary by company, so read the fine print carefully. A trigger could be diagnosis of a terminal illness. Also, using the policy for long-term care reduces the payout your beneficiaries will get.                         

Buy a combination long-term care/life insurance policy

These policies, also called asset-based or hybrid life insurance and long-term care insurance policies, provide a pot of money for long-term care if you need it or a death benefit to your beneficiary if you don’t max out the long-term care benefits. Typically you pay one large premium upfront, such as $75,000, or a few large payments over a few years. Under some policies, you can get your money back if you decide years later you don’t want the policy.

  • Pro: You get something for your money even if you never use the long-term care portion of the policy. If you don’t use it for long-term care, or don’t use all of it, your beneficiary gets a life insurance payout when you die.
  • Con: It’s an option only if you have a large sum of money to spend.

How to choose a LTC plan

There are two critical components when considering how to choose an LTC plan:

  • How MUCH protection you need
  • How SOON you’ll need it


How much protection do I need? 

When choosing how MUCH protection you need, consider the following:

  • If you need care, who will provide it?
  • For the person providing the care, are they going to be paid? By whom?
    • A recent study on family-member caregivers found that approximately 1/3 of caregivers provide 30 hours – or more- of care per week. Half of those who do so estimate that they lost around close to 1/3 of their income due to the demands of providing care. On the other hand, 55% of care recipients had to leave their job because of a long term care event.
  • If you need care, where do you want to receive it?

Call our office now to set up a time to visit about what plan may work for you!! 636-791-1330

 

Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Carrier
Home| Get A Quote| Customer Service| Blog| About Us| Contact| Refer A Friend
13426 veterans Memorial Parkway, Wright City, MO 63390
P: 636-791-1330 | F: 636-791-1331 | Service@TrinityInsUSA.com
Social Social
Logo

All Rights Reserved Trinity Insurance Agency

Investment advisory services offered through Brookstone Capital Management, LLC (BCM), a registered investment advisor. BCM and Trinity Insurance Agency are independent of each other. Insurance products and services are not offered through BCM but are offered and sold through individually licensed and appointed agents.