Lifetime HealthCare
Planning Center

Let me ask you a question. How much will your long-term care cost?

The answer, of course, is you have no idea. You may be one of the lucky ones who are completely independent and dies of "natural" causes in their sleep. Or you may be diagnosed with early-onset Alzheimer's and need expensive care for a number of years. It's not unusual for people to spend up to $20,000 per month on long-term care (I've got family experience). 

It's often said that LTC Insurance is for the middle class - the poor can rely on Medicaid to pay for care and the wealthy can pay for care themselves. But is self-insuring, or to be more precise self-funding, always the best choice?

As you get older and develop medical conditions, you may need to consider getting assistance in the form of senior care. From in-home care to an assisted living or nursing facility, there are many options that can meet your needs. But the unfortunate reality is that senior care often comes with a high price tag, and you need to know what costs to anticipate—and how you’ll cover your care. In this post, we’re exploring how you can finance this important step in your journey—and live comfortably and affordably throughout your later years.

There’s a good chance that you will need long-term care as you age. After all, more than half of adults 65 and older need this sort of care when a medical issue leaves them unable to care for themselves, according to the Department of Health and Human Services. That’s why it’s important to plan for this possibility, especially considering that professional long-term care at home or in a facility can be incredibly expensive. 

One way to plan financially for long-term care is to create a trust. And, no, a trust isn’t just something the wealthy use to pass on their money from generation to generation. It can be an incredibly useful tool to protect your assets if you become incapacitated and to shield your assets to qualify for certain long-term care benefits.

For many seniors, long-term care (LTC) insurance—an insurance policy that helps pay for chronic medical care—can be a worthwhile choice. After all, nearly 70% of seniors aged 65 or older will require some form of long-term care in their lifetime—a service that can be prohibitively expensive, setting families back thousands of dollars a month.

But is long-term care insurance worth it? This policy tends to come at a steep price: in the U.S., for example, the average 55-year-old man pays an annual premium of $2,220. And thanks to insurance marketing tactics, potential buyers often believe that they’ll spend years in a nursing facility—which isn’t always the case.

Caring for a parent can take a big toll on your finances. Nearly eight in 10 caregivers report having to cover expenses related to caregiving out of their own pockets and spend an average of $7,242 a year on those expenses, according to a study by AARP. 

Fortunately, there are tax breaks that might help offset the cost of elder care. Find out if you are eligible for any of these federal tax credits or deductions for taking care of elderly parents.

The decision to move yourself or a loved one into long-term care can be a difficult one, and determining how to pay for long-term care can add unnecessary stress to a phase of life that’s already full of transitions. Understanding the costs you may encounter and developing a proactive plan to afford long-term care can help ease the burdens that accompany it.

What do you get when modernized Long Term Care Insurance products meet changing workplace needs and employee attitudes? An advantageous opportunity to grow your business, reach the middle market, and help protect more families from potential LTC needs.

Worksite benefits have long been a critical tool in helping employers attract top talent. What’s changed is that more employers want a variety of products to build benefit packages that are as diverse as today’s workforce – and there’s room for LTCi in this conversation.

Sure, you’ll face some challenges from decision-makers, but clearing hurdles is nothing new for seasoned LTC professionals. Here are three common objections that you can address with employers to change the way they think about LTCi.

As your parents age, there’s a good chance they will need long-term care. According to the Department of Health and Human Services, more than half of Americans turning 65 today will develop a disability serious enough that they will need daily help with the basic activities of living. Most will need care for less than two years, but 1 in 7 will need assistance for more than five years.

As tough as it might be to imagine your parents being unable to care for themselves, the thought of discussing this possibility with them probably seems even harder. But it’s important to talk to your parents sooner rather than later to develop a plan for long-term care if they ever need it. If you wait for an emergency to strike, emotions will be running high and you’ll likely have fewer options to deal with your parents’ need for care.

Increased awareness of long-term care (LTC) insurance means increased interest in LTC coverage. However, not all clients qualify for a traditional LTC rider.

Financial exploitation of older adults is rampant, and the problem will only get worse as America’s population continues to age.

In fact, the rate at which adults over the age of 60 can expect to experience financial exploitation—1 in 20—is higher than the incidence of many age-related diseases, according to research published in The Journals of Gerontology. And that’s likely an underestimate because many older adults are unwilling to report exploitation.