Long Term Care Insurance
Long term care insurance is used to pay for day-to-day assisted living expenses like eating and dressing health monitoring, residency in an assisted living facility or nursing home, and other types of care.
Nearly 40% of people age 65 will spend some time in a nursing home. It is typical for private nursing home costs to exceed $65,000 – $90,000 per year! And it is important to understand that Medicare does not cover long-term care expenses, nor do Medicare Supplement policies.
If you have an HSA, long-term care insurance premiums may be paid (with pre-tax dollars) from your Health Savings Account up to the following limits:
| Age | Amount That Can Be Paid From HSA |
| 40 or less | $450 |
| 41 – 50 | $850 |
| 51-60 | $1,690 |
| 61-70 | $4,510 |
| 71+ | $5,640 |
How to Choose a Long-Term Care Plan
These are the following features you should consider when investigating long-term care insurance:
Covered Benefits
Be sure to get a plan that covers a range of options and locations, including assisted living facilities, adult day care, and at-home services.
Benefit Triggers
Be sure you understand what triggers the benefits. Typically, this is when you are no longer able to perform at least two activities of daily living.
Benefit Limits
Understand how much your policy will pay, and for how long. The average stay in a nursing facility is 2.5 years. If you can afford it, choose a plan with lifetime coverage.
Elimination Period
This is the period of time during which you must pay your long-term care expenses. The longer the period, the lower the cost of coverage.
Inflation Rider
A plan with this benefit will protect you from increasing costs.
Health Insurance Instant Quote
HEALTH INSURANCE INFORMATION
- Plans approved and authorized under the Affordable Care Act
- Covers Pre-Existing conditions
- Low cost subsidized plans available to those earning
< 400% of the federal poverty level - Unlimited lifetime benefits
- Available during open enrollment (November 1 – January 15), or if you qualify for a Special Enrollment Period
Healthshare Instant Quote
HEALTH COST-SHARING INFORMATION
- Not health insurance, but a way for like-minded individuals to share medical expenses
- Waiting periods on pre-existing conditions
- May exclude sharing for certain conditions or activities
- Enroll any time
- Much lower monthly cost than unsubsidized health insurance