(919) 228-9665

Navigating Long-Term Care Insurance Costs: What You Need to Know

Don't let the cost of long-term care catch you off guard. Planning now safeguards your financial future and ensures that you and your loved ones receive the care you deserve—without the burden of unexpected expenses. Protect your peace of mind and secure a stable, worry-free future.

Planning to pay for long-term care insurance.

As we age, the likelihood of needing long-term care increases. Whether it's in-home care, assisted living, or nursing home support, these costs can quickly escalate, placing a heavy financial burden on you and your loved ones. But it doesn't have to be this way. The right long-term care insurance plan can safeguard your future, ensuring you get the care you need without draining your savings.

Did you know that almost half of men (49%) and nearly two-thirds of women (64%) who reach age 65 will need significant long-term care? This striking fact, from a 2022 Department of Health and Human Services (HHS) study, highlights that while many rely on unpaid care from family and friends for support, many still require paid assistance to meet their needs.

Don't let the cost of long-term care catch you unprepared.

Include Message

Managed by InsuranceAgentFinder.com

Why Plan for Long-Term Care Insurance?

Financial Security

Protect your savings and assets from the high long-term care costs.

Peace of Mind

Know that your future care needs will be covered, reducing the stress on your family.

Flexibility in Care Choices

Choose the type of care you want, whether it's at home or in a specialized facility.

Sean Ruehl

Our Verification Process
×

Member with a verified seal indicate they have provided and successfully verified their national producer number.

What is a National Producer Number (NPN)?

The National Producer Number is a unique NAIC identifier assigned through the licensing application process. NPNs are assigned to all individuals and most business entities on the PDB (Producer Database).

Producer Database (PDB)

The Producer Database (PDB) is a central repository of producer licensing information updated on a timely basis by participating state insurance departments. Currently, the PDB includes information from all 50 states, as well as the District of Columbia, Guam, Puerto Rico and Virgin Islands.

Verification Partner: www.nipr.com

The License & Producer Verification feature is specifically designed to operate within countries and jurisdictions where it is legally permissible and where active partnerships with relevant organizations are in place. This ensures that the service is provided accurately and responsibly, relying on the support and collaboration of local entities that are authorized to verify and provide such information. As such, availability of this feature is contingent upon our ability to establish and maintain these critical partnerships, which play a crucial role in facilitating the verification process and ensuring the feature's efficacy and compliance with local regulations.

Principal

CFP®

Personalized Insurance & Financial Solutions

I offer both virtual and in-person meetings. As a financial strategist, I help families and business owners structure maximized financial benefits.

Schedule Consultation

About Me 30 Years of industry experience

Sean Ruehl is the owner of Triangle Financial Strategies, which he founded in 2018 with his wife. With a career in the financial services industry spanning over three decades, Sean brings a wealth of experience and a deep knowledge of financial strategies to his clients. Sean has been a CFP and insurance licensed for over 20 years and is passionate about relating to people and helping them understand how to protect themselves, their family members, and their financial assets.

Triangle Financial Strategies

114 Torrey Heights Lane Durham, NC 27703

(919) 228-9665 [email protected]

Types of Long-Term Care Insurance Policies

Experienced insurance and financial professionals suggest two main options for securing long-term care insurance: purchasing an independent policy from a preferred provider or integrating coverage into a life insurance plan. Both options require regular premium payments to keep the policy active, allowing claims when needed. Policyholders can choose their coverage amount, which influences premium costs, while most policies set limits on daily and lifetime benefit payouts, ensuring clarity on the level of protection provided.

How Does Long-Term Care Insurance Work?

Irrespective of the selected plan, a healthcare provider's prescription of long-term care assistance is a requisite for activating coverage under a long-term care insurance policy. For standalone policies, it is common for the insurance provider to make direct payments to a home care agency or skilled nursing facility on behalf of the insured. Certain standalone policies also facilitate direct payments to the insured individual. Following an elimination period typically lasting 30, 60, or 90 days, the insurer begins reimbursing the policyholder for necessary long-term care services, up to the maximum daily amount stipulated by the coverage, until they reach the full lifespan of the policy.

What Does Long-Term Care Insurance Cover?

A long-term care policy offers invaluable protection for those who may need assistance with activities of daily living due to chronic medical conditions, disabilities, or disorders. These policies typically require the individual to need help with at least two ADL areas for an extended period, as determined by a healthcare provider.

When included in a life insurance policy, long-term care coverage can provide a significant financial lifeline, paying a percentage of the death benefit towards monthly care costs for several years. For instance, a $100,000 life insurance policy could offer up to $2,000 per month for three to five years, offering flexibility in utilizing the funds for various care options, including skilled nursing facilities, assisted living communities, or home care.

While $2,000 per month may seem substantial, long-term care expenses can quickly accumulate. Skilled nursing facilities charge over $90,000 annually for a shared room, while assisted living and in-home care also have significant costs.

The examples provided are hypothetical and are for illustrative purposes only. They are not intended to represent actual scenarios.

Consulting with an insurance and financial professional is a great start to identifying your long-term care insurance needs.

Despite potential challenges in obtaining coverage for preexisting conditions, individuals should not be discouraged from seeking long-term care insurance. Although premiums may be higher, the security and support the coverage provides can be invaluable in the future.

Why Expert Guidance is Essential

Tailored solutions for your unique needs

Because your values and goals are personal to you, a one-size-fits-all solution simply won't do.

Get the ideal solution for you

Consulting with an experienced professional can help you explore options to find the right balance of benefits tailored to your needs.

Together for the long haul

As your life evolves, so do your needs. I’ll be there to help you every step of the way.

We have got you covered

Safeguard your tomorrow and secure your peace of mind with long-term care insurance.

Disclaimer: This information is provided for informational, educational, and marketing purposes only and should not be considered financial or insurance advice. It is not a substitute for personalized guidance from a qualified insurance or financial professional. We strongly recommend consulting a professional before making any financial decisions. Additionally, the content in this material is not intended to provide tax or legal advice. For recommendations specific to your circumstances, please consult a qualified legal or tax professional. This content is not approved, endorsed, or affiliated with any governmental agency, insurance agency or financial institution. Third-party links and resources are offered for user convenience and have not been independently verified by InsuranceAgentFinder. InsuranceAgentFinder does not endorse or assume responsibility for the accuracy, reliability, or quality of information or services provided by external parties. Any member testimonials represent individual experiences and may not necessarily reflect the outcomes of other clients. Historical performance or success does not guarantee future results.