As individuals age or face a major illness or disability, many will find themselves needing long-term care to assist with essential daily activities. These services include tasks like dressing, eating, and moving around, and can be provided at home, adult day cares, assisted living facilities, or nursing homes. With increasing life expectancy, the likelihood of requiring long-term care rises, as nearly 70% of people over 65 will need some form of assistance during their lifetime, and about 35% will require care in a nursing home. Planning ahead for these services is vital in ensuring comfort, safety, and quality of life.

Financial Protection with Long-Term Care Insurance

Long-term care (LTC) insurance offers protection from the high costs associated with long-term care resulting from a covered illness or injury, such as heart disease, stroke, or broken bones and fractures. Most long-term care claims are filed between the ages of 80 and 89. The benefits from an LTC insurance policy typically pay towards expenses of home care aides, assisted living, and nursing home stays, up to the policy’s limit.

Without long-term care insurance, the costs can be staggering. Even a relatively short stay in a nursing home can cost, on average, between $8,000 and $10,000 per month. Having an LTC policy in place can help safeguard your savings, retirement, and other assets in the event of long-term care.

Additional Benefits of Long-Term Care Insurance

• Dual Benefits Option: In some hybrid LTC insurance and life insurance policies, the LTC insurance will pay for long-term care expenses first. If there is any benefit amount remaining, or if the long-term care is never needed, it can pay out like a life insurance policy.
• Fixed Premiums: Certain policies offer fixed premiums, meaning your costs won’t increase over time.
• Fully Portable: These policies can be fully portable, meaning you can keep your coverage even if you change jobs or retire.

Planning for long-term care is about more than just peace of mind; it’s about protecting your future financial health. Since most people will need some form of long-term care in their lifetime, considering LTC insurance can be an important step in your long-term financial strategy.

Partnering with Pierce Group Benefits

For employers, partnering with us to offer long-term care insurance shows your commitment to your employees’ future financial security by helping them manage the rising costs of long-term care. Our plans can enhance your benefits package and support employee retention and satisfaction. Employees can easily enroll in our LTC insurance plans and start planning for their long-term care needs today. To learn more, contact your Pierce Group Benefits Account Executive or email partnership@piercegroupbenefits.com for further guidance.