long term care

What is Long Term Care?
Long-Term Care Insurance (LTC)is insurance that helps cover the cost of care services that aren't typically covered by regular health insurance or Medicare. These services may be needed if you develop a chronic illness, disability, or cognitive impairment, and can be provided at home, in assisted living, or in nursing homes.
WHat does it Cover?
  • In-home care assistance (bathing, dressing, meal prep)
  • Adult day care
  • Assisted living facilities
  • Nursing home care
  • Memory care for Alzheimer’s or dementia
  • Hospice and respite care
Who Needs it?
  • If you're planning for retirement and want to protect your savings
  • You have a family history of chronic illness or Alzheimer’s
  • You want more choices in the type of care you receive
  • You don't want to rely solely on family members for caregiving
  • Types of Long-Term Care Policies
  • Traditional Long-Term Care Insurance
  • Standalone policy focused only on long-term care.
  • Premiums may increase over time.
  • Use-it-or-lose-it model (no payout if care isn’t needed).

  • Hybrid Life + Long-Term Care Insurance
  • Combines life insurance with a long-term care rider.
  • If LTC benefits aren’t used, a death benefit is paid to beneficiaries.
  • Premiums are generally fixed and may be paid in a lump sum or over time.

  • Group LTC Insurance (Through Employers)
  • Sometimes available as an employee benefit.
  • Can be more affordable and easier to qualify for.

  • When to Buy LTC Insurance?
  • Most people purchase LTC policies between ages 50–65.
  • The younger and healthier you are, the more affordable the premiums.

  • Why Is It Important?
  • Cost of care is rising: Average annual nursing home costs can exceed $100,000.

  • Medicare limitations: It typically doesn’t cover custodial long-term care.

  • Protects your assets: Helps preserve savings and retirement income.

  • Ready to Learn More? Whether you're planning for yourself or a loved one, long-term care insurance can be a smart part of your financial strategy. Talk to a licensed insurance advisor to explore your options.

Medicare supplements

Types of Medicare Policies
1. Original Medicare
This is the traditional government-run program.
Part A (Hospital Insurance)Covers inpatient hospital care, skilled nursing facility care, hospice, and some home health care. Usually premium-free if you worked 10+ years.
Part B (Medical Insurance)Covers outpatient care, doctor visits, preventive services, and durable medical equipment. Has a monthly premium.
➡️ Gaps: Doesn't cover prescriptions, dental, vision, or hearing. You may need a Medigap (Supplement) policy to help cover out-of-pocket costs. 2. Medigap (Medicare Supplement Insurance)
Sold by private companies to fill the "gaps" in Original Medicare.
Helps cover Part A & B deductibles, coinsurance, and copays
Doesn’t include drug coverage—you'll need a Part D plan
More freedom to see any doctor nationwide who accepts Medicare
➡️ Best for people who want to see their own doctors and travel frequently. They also want predictable costs.
3. Medicare Advantage (Part C)
These are private plans approved by Medicare.
Bundles Part A + B, often includes Part D (drug coverage)
May offer extra benefits like dental, vision, hearing, gym memberships
Usually uses network providers (like HMOs or PPOs)
Often lower premiums but higher out-of-pocket costs and less flexibility
➡️ Popular among people who are okay with specific provider networks and want convenience and extra perks. Plans and benefits will change each year. It may or may not come with a prescription plan.

Which Plan is Better???
Feature
Medicare Supplement
Medicare Advantage
Doctor or Hospital of Choice
Anyone who accepts Medicare (nationwide)
Network Providers
Upfront Cost
Slightly higher premiums but more predictable out of pocket costs
Lower premiums but more exposure for certain services
Out of Pocket Limit
Lower exposure
Annual Cap in spending can be more depending on each plan
Added Benefits
Typically no dental or vision included
Dental and Vision discount plans are offered
Drug Coverage
Requires Part D
Many plans include
Travel and Away from Home Coverage
Excellent National Coverage
Limited Networks
Precertification and Prior Authorization
None as long as it is approved by Medicare
Yes

Simple ways to protect your life