Medicare Plans by Turning 65 Solutions


Long-Term Care Insurance

Medicare does not typically cover long-term care, which refers to the ongoing assistance that people may need with activities of daily living such as bathing, dressing, and using the bathroom, or with medical tasks such as administering medication. Long-term care can be provided in a variety of settings, including at home, in an assisted living facility, or in nursing home care.

If you need long-term care, you may have to pay for it out of pocket, unless you have private insurance that covers it. Some people may be able to get help from Medicaid, a joint federal and state program that provides health insurance to low-income individuals and families, to pay for long-term care. Medicaid does cover long-term care services, but eligibility for these services is generally limited to individuals who have very low income and assets. So, if you are in need of this type of service, you may purchase Long-term care insurance.

What Is LTC Insurance?

Long-term care (LTC) insurance is a type of insurance that helps to cover the cost of long-term care services or adult day care. As already mentioned those services include help with a variety of activities that are connected with daily living such as dressing, bathing, etc. It helps you pay the costs for care that is provided in certified facilities. 

These insurance policies typically have a waiting period, known as an “elimination period,” before benefits become payable. During this time, the policyholder is responsible for paying for their own care. Policyholders may choose a longer elimination period in order to keep their premiums lower, but this means that they will have to pay for a longer period of time before their insurance kicks in.

There are several factors to consider when deciding whether to purchase long-term care insurance. These include your age, health, and financial situation, as well as the cost of long-term care in your area. It’s important to carefully review the terms of any long-term care insurance policy that you are considering and to speak with a financial advisor or insurance professional to determine whether it is a good fit for your needs.

Why Purchase LTC Insurance?

There are several reasons why is good to consider purchasing this policy:

  • To protect their savings and assets: Long-term care can be very expensive, and paying for it out of pocket can quickly deplete a person’s savings. Long-term care insurance can help to cover these costs and protect a person’s savings and assets.
  • To maintain their independence: Long-term care insurance can help people to receive the care they need while still living in their own homes or in a community setting, rather than having to move into a nursing home or other facility.
  • To provide peace of mind: Knowing that long-term care insurance is in place can provide peace of mind for both the policyholder and their loved ones, knowing that financial resources will be available to cover the cost of care if it becomes necessary.
  • To preserve their legacy: Purchasing long-term care insurance can help people to preserve their legacy by ensuring that their assets will be available to pass on to their loved ones, rather than being used to pay for long-term care

You would purchase long-term care insurance through an insurance agent, like the ones at Turning 65 Solutions. You choose the amount of benefit, how long you want it to cover, and when you want it to begin.

You will be asked for some lifestyle and medical information. LTC insurance could be more expensive or unavailable if you have particular health conditions. The insurer will pay a benefit if you can’t perform two of the six daily living activities (eating, bathing, toileting, dressing, transferring, continence) by yourself, or you’re diagnosed with a cognitive disorder.


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Types of LTC Insurance

There are several types of long-term care insurance policies available:

  • Traditional long-term care insurance: This type of policy covers a range of long-term care services, including in-home care, assisted living, and nursing home care. The policyholder pays premiums on a regular basis, and the insurance company pays benefits when the policyholder needs long-term care.
  • Hybrid long-term care insurance: This type of policy combines long-term care insurance with another type of insurance, such as life insurance or annuities. The policyholder pays premiums on a regular basis, and the insurance company pays benefits if the policyholder needs long-term care or if certain other conditions are met (such as the policyholder’s death).
  • Stand-alone long-term care insurance: This type of policy covers long-term care services only.

  • Long-term care insurance riders: Some life insurance policies and annuities offer the option to add a long-term care insurance rider, which provides long-term care coverage as an additional benefit.

Medicare and LTC

Medicare will partially pay for stays of under 100 days while you’re getting skilled care like in a skilled nursing facility. After 100 days, Medicare won’t pay any benefits. In other words, Medicare does not cover long-term care if it is not medically necessary and if it is only considered palliative care. There are also Medicare Advantage plans that may cover long term-care but these options vary from plan to plan, and isn’t suitable for every beneficiary. So, before you decide to purchase it. talk with a licensed Medicare agent.

What Does LTC Insurance Cost?

The cost of long-term care insurance varies based on a number of factors, including your age, health, and the type of policy you choose. In general, the younger you are when you purchase a long-term care insurance policy, the lower your premiums will be. However, there is no guarantee that you will be accepted for coverage if you have pre-existing health conditions or if you are older and may be more likely to need long-term care services in the near future.

Other factors that can affect the cost of long-term care insurance include the amount of coverage you need, the length of the policy’s benefit period, and the policy’s elimination period (the amount of time you must pay for your own care before the insurance kicks in). The cost of long-term care insurance can also vary based on the type of care you want to be covered and the location where you will receive care.

It’s important to carefully review the terms of any long-term care insurance policy that you are considering and to speak with an insurance expert here at Turning 65 Solutions and get a sense of what the policy will cost.

However, the average cost of care for LTC insurance may be 2700$ per year, which is approximately 225$ per month.

How Much Insurance Do You Need?

You know that long-term care should be included in your financial plan, but how much insurance do you need?

When you plan ahead, consider the following:

  1. Budget – How much can you afford to pay for LTC insurance?
  2. Assets – How long could you fund long-term care without compromising your retirement plan?
  3. Legacy plan – How much do you want to leave to your beneficiaries?
  4. Where you retire – Costs for long-term care vary depending on where you live.

Contact Turning 65 Solutions About LTC Insurance

Long-term care insurance helps you plan for the future and protect your retirement. There are many things to know about the coverage, and Turning 65 Solutions can clarify the process for you. Plus, we’ll work extensively to find you the best coverage.

Call 830-217-6711 to request a quote!