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Critical Illness

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Hospital Recovery

Term Life

What is Long Term Care?

Long term care is the assistance a person may need with the basic activities of daily living – eating, bathing, dressing, transferring, toileting, and continence. It can also include supervision needed to protect a person’s health and safety. The need for long term care may develop from things such as an accident, illness, stroke, advanced age or other chronic condition such as Alzheimer’s, dementia or Parkinson’s disease. Long term care consists mainly of personal care rather than medical care, which is typically covered by a health plan.

Long Term Care can be provided
in your own home by family caregivers or home health aides, in nursing or assisted living facilities or at adult day care facilities.

Will You Need It?

Your chances may be more likely than you think.1

Most people aren't planning for it?

More than half of Americans are concerned about paying for LTC services (55%)2

Only 1/3 of Americans over 40 have set aside money to plan for LTC needs (33%)3

Your financial plan was likely designed to help you save for years of retirement. To protect your savings, consider how you might pay for long term care services should the need arise for you or your spouse.

How much does it cost?

In some instances, families without long term care insurance may have to resort to withdrawing money from their savings and other retirement investments to pay for long term care costs like these when a loved one needs care.

The responsibility to pay for long term care is yours.

Are you prepared?

LongTermCare.gov

How can you pay for care?

Health Insurance?

LTC services are not typically covered by health insurance plans.

Medicare & Medicaid?

Medicare may help pay for limited LTC services under certain circumstances. Medicaid requires that recipients spend down their savings and assets to meet state poverty guidelines.

How can you pay for care?

Family and Friends?

FAMILY CAREGIVERS IN THE U.S. PROVIDE APPROXIMATELY

Some people rely on care from family and friends, but that can sometimes impact the financial, physical and emotional health of entire families.

How can you pay for care?

Out of Pocket?

AMERICANS SPEND

While an option for some, saving and paying for long term care out of your own pocket can be difficult for some families. Just a few years of long term care could impact your retirement savings.

How can you pay for care?

Ultimately you are responsible.

Plan Ahead

Planning with long term care insurance can help protect your finances, provide peace of mind, and let you decide where care would be received.

What does LTCI cover?

Long Term Care Insurance can help pay for personal care and supervision in the following settings:

Your own home by family caregivers or home health aides
Assisted living facilities
Nursing home or hospice facility
Adult day care centers

LTC insurance also supports family caregivers and can help ease the financial and emotional impacts of caregiving.

How much coverage do I need?

It depends on...

YOUR GENDER

On average, women are more likely to require long term care services than men.

YOUR FAMILY HEALTH HISTORY

You may be at an increased risk for a chronic condition such as Alzheimer’s disease, cancer, diabetes or stroke if a close family member has had one or more of these conditions.

How much coverage do I need?

It depends on...

YOUR BUDGET

Select a plan design with a premium that fits within your current budget. It is a good idea to apply for coverage now while you are younger and likely healthier.

WHERE YOU PLAN TO RETIRE

The costs of long term care services can vary greatly by geographic location.

How much coverage do I need?

It depends on...

WHERE YOU WISH TO RECEIVE CARE, IF NEEDED

Long term care costs vary based on where services are received (at home, in the community at an assisted living facility, or at a nursing home).

When is the right time to buy?

The earlier you apply for coverage, the better.

In general, the younger & healthier you are:

  • The lower your premium will be
  • The more likely you may be insurable (based on underwriting criteria)

 

Age and health make a big difference when getting LTC insurance coverage — putting it off can be a costly mistake. An accident or chronic illness requiring care can happen at any age.

Why LifeSecure?

Whatever the future brings, LifeSecure can help you to stay in control so you can feel better about the future.

LifeSecure is flexible. We give you the power to set coverage levels and premiums based on your perceived needs and personal budget. And our policy design offers tremendous flexibility when a claim arises, by providing coverage for a broad range of providers and services, including informal caregivers and family members.

LifeSecure is simple. Unlike other long term care insurance products, LifeSecure uses a simple Benefit Bank℠ design, with few riders and add-ons. We remove the confusion and make it easier to choose the coverage you want.

LifeSecure is affordable. If you thought long term care insurance was out of reach – think again. LifeSecure makes it easy to choose the right coverage levels based on your target premium.

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ICC16-LS-LTC-0407

SOURCES

1 Health Affairs, Financing Long-Term Services and Supports: Options Reflect Trade-Offs For Older Americans and Federal Spending, November 2015
2 LIMRA and Life Happens. 2015 Insurance Barometer Study. Windsor, CT. 2015
3 Associated Press-NORC Center for Public Affairs Research. Long-Term Care in America: Americans’ Outlook and Planning for Future Care. Chicago, IL. 2015
4 Genworth Cost of Care Survey 2017
5 AARP, Valuing the Invaluable: 2015 Update
6 ACLI, Who Will Pay for Our Long-Term Care, November 2014