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Long-term care
Life insurance and long-term care, planned before you need it.
Medicare generally doesn’t pay for long-term care. I help you compare long-term care and life insurance options, including term, whole life and IUL, that protect your savings and your family.
Or call (904) 612-3757 to schedule.
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Your options
Ways to pay for long-term care.
Long-term care insuranceTraditional policy
Pays a set benefit for care at home, in assisted living or in a nursing home. You pay a premium for as long as the policy is in force.
Hybrid coverageLife insurance or annuity with long-term care benefits
Combines long-term care benefits with a death benefit or annuity value, so the money still goes to your family if you never need care.
RidersAdded to a life insurance policy
Some life insurance policies let you use part of the death benefit early if you have a chronic illness.
Life insurance options
Life insurance that can also help with long-term care.
Many life insurance policies can include living benefits, riders that let you use part of the death benefit while you’re alive if you have a chronic or terminal illness or need long-term care. Rider terms vary by policy.
Term lifeCoverage for a set number of years
Covers you for a fixed period, such as 10, 20 or 30 years, and usually costs the least. Many term policies can be converted to permanent coverage later without a new medical exam.
Whole lifeLifelong coverage with guarantees
Permanent coverage with level premiums and a guaranteed death benefit. It builds cash value at a guaranteed rate, which you can borrow against.
Indexed universal life (IUL)Permanent coverage with flexible premiums
Cash value growth is linked to a stock market index, with a cap on gains and a floor that protects against index losses, though policy charges still apply. Premiums and the death benefit can be adjusted within limits, and the policy needs enough funding to stay in force.
Terms to know
What to compare between policies.
Benefit amount
How much the policy pays per day or per month for care.
Benefit period
How long benefits last, such as two years, five years or longer.
Elimination period
How many days you pay for care yourself before benefits start, similar to a deductible.
Inflation protection
Increases your benefit over time so it keeps up with the rising cost of care.
Questions
Common long-term care questions.
Does Medicare pay for long-term care?
Generally, no. Medicare covers short-term skilled nursing care after a qualifying hospital stay, but not ongoing help with everyday activities like bathing, dressing and eating.
Doesn’t Medicaid cover long-term care?
Medicaid can pay for long-term care, but only after you meet strict income and asset limits. Long-term care coverage can help protect your savings and give you more choice about where you receive care.
When should I look at long-term care coverage?
Coverage depends on your health when you apply, and premiums are generally lower at younger ages. Many people start looking in their 50s or early 60s.
Can I get care at home?
Many policies cover care at home as well as in assisted living or a nursing home. I’ll show you how each option handles home care.
Which is better for me: term, whole life or indexed universal life?
It depends on how long you need coverage, your budget and whether you want cash value. Term is usually the lowest cost for a set period. Whole life and indexed universal life are designed to last your whole life and build cash value. I’ll compare them side by side for your situation.
How much does it cost?
It depends on your age, health and the benefits you choose, such as the benefit amount, how long benefits last and inflation protection. I’ll get quotes so you can compare.
Free consultation
Let’s talk about your options.
You don’t have to figure everything out on your own.
Whether you’re planning for yourself or a parent, let’s compare coverage while you’re healthy enough to qualify. I’ll explain your options in plain English.
Free consultation. No obligation. No pressure.