Protect your savings from the high cost of long-term care. Plan ahead so you can age with dignity and independence.
Long-term care insurance helps cover the cost of care when you can no longer perform everyday activities on your own — such as bathing, dressing, eating, or moving around. This type of care isn't covered by traditional health insurance, Medicare, or most Medicare supplement policies.
As life expectancies increase, the likelihood of needing long-term care at some point grows significantly. According to the U.S. Department of Health and Human Services, someone turning 65 today has nearly a 70% chance of needing some form of long-term care services in their remaining years. Without proper planning, these costs can quickly deplete a lifetime of savings.
Provides 24-hour skilled nursing care for individuals with serious medical conditions. Includes room and board, medical supervision, rehabilitation services, and assistance with daily activities. This is the most expensive type of long-term care — averaging over $100,000 per year in many states.
Best for: Those requiring round-the-clock medical care and supervision.
Offers a residential setting with personal care services, meals, and social activities for those who need some assistance but don't require full-time nursing care. Residents have private apartments while having access to staff support and community amenities.
Best for: Seniors who need help with daily tasks but value independence.
Allows you to receive care in the comfort of your own home. Services can include skilled nursing, physical therapy, occupational therapy, and personal care assistance. This option helps many seniors age in place and maintain their quality of life.
Best for: Those who want to remain at home while receiving professional care.
Long-term care costs are rising faster than inflation and can be staggering without insurance. In Texas, the average annual cost of a private nursing home room exceeds $80,000, while home health aide services average over $50,000 per year. Over a multi-year period, these expenses can easily exhaust retirement savings and leave little for a surviving spouse.
Long-term care insurance helps protect your savings by covering a significant portion of these costs. Policies typically pay a daily or monthly benefit amount for a specified benefit period (often 2–5 years or longer). Many modern policies include inflation protection to ensure benefits keep pace with rising care costs.
One increasingly popular option is a hybrid policy that combines life insurance with long-term care benefits. These policies offer:
Hybrid policies have become increasingly popular because they solve the "use it or lose it" concern that many people have about traditional long-term care insurance. Ask Seth about your options for combining life insurance with long-term care protection.