Long-term Care Insurance

Planning for long-term medical costs like nursing home expenses is step 4 of our Financial Protection Program. Not doing so is a mistake that often ends in disaster and poverty for many retirees. If you do not have at least $400,000 in funds available to cover this potential cost, you should carry a long-term carry policy.

Long term care insurance is used to pay for day-to-day assisted living expenses like eating and dressing health monitoring, residency in an assisted living facility or nursing home, and other types of care.

Nearly 40% of people age 65 will spend some time in a nursing home, memory care or assisted living facility.  It is typical for private nursing home costs to exceed $65,000 – $90,000 per year! It is important to understand that Medicare does not cover long-term care expenses, nor do Medicare Supplement policies.

Paying for Long Term Care Insurance Premiums with a Health Savings Account

If you have an HSA, you can use tax-free funds to pay for qualified premium amounts.  Long-term care insurance premiums may be paid (with pre-tax dollars) from your Health Savings Account up to the following limits:

Age Annual Premium Limits Paid with an HSA
40 or less
41 – 50
51 – 60
61 – 70

Long-Term Care Quotes

When purchasing long-term care coverage, the key is to get the coverage you need at the lowest available cost, without paying for features that you don’t need.  With access to quotes from dozens of plans, we can help you find the best plan for your needs.

Fill out the form below to receive a detailed comparison of available plans in your area:

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How to Choose a Long-Term Care Plan

These are the following features you should consider when investigating long-term care insurance:

  • Covered Benefits – be sure to get a plan that covers a range of options and locations, including assisted living facilities, adult day care, and at-home services.
  • Benefit Triggers – be sure you understand what triggers the benefits.  Typically, this is when you are no longer able to perform at least two activities of daily living.
  • Benefit Limits – understand how much your policy will pay, and for how long.  The average stay in a nursing facility is 2.5 years.  If you can afford it, choose a plan with lifetime coverage.
  • Elimination Period – this is the period of time during which you must pay your long-term care expenses.  The longer the period, the lower the cost of coverage.
  • Inflation Rider – a plan with this benefit will protect you from increasing costs.

With MediGap Advisors, you will have access to the top long-term care experts in the country. They can answer your questions, assist in determining whether long-term care insurance makes sense for you.

If so, they’ll help you decide on the options you need, help you compare plans and find the best price, and help you enroll in a plan quickly and easily. Call us at 800-913-3416 to schedule a phone meeting.