How much does long term care cost?

How much does long term care cost?

Long Term Care is extremely expensive regardless of the option you choose for care. There are riders or insurance policies that will help you lower the expensive risk of long term care. You can even get life insurance with a long term care rider that will pay for the care if you are in that sort of position. This is essential insurance for seniors and can lead to saving you and your family thousands.

Long Term Care can be a huge risk for most people. That’s why it is important to prepare yourself for the unexpected. Here are some of the options for long term care as well as a few ways to get long term care coverage for the fraction of the cost of actual long term care.

  • Traditional/Standalone – This is a policy by itself that is centered around long term care. This kind of policy would be great for someone without permanent life insurance.


  • IUL with a long term care rider. This kind of coverage is good if you have an IUL in place all ready.
  • Single-Premium Solutions
    • UL with a Long Term Care Rider. Much like the IUL if you have this in place already it is going to make long term care cheaper and easier for you to access in the future, however, this might not be a good plan for seniors that can not pass underwriting or did not add the rider at the start of the policy.
    • Annuity with a Long Term Care Rider

Where can I get Long Term Care?

How much does long term care cost You can get an actual policy that addresses specifically long term care, however, that tends to be the more expensive route to take. Another option might be by getting an Index Universal Life Insurance policy or even a Universal Life policy with a long term care rider. There are many other avenues in which you can get long term care coverage. If you tend to be younger, the younger the better and healthier, then it could be more financially beneficial for you to go the route of an IUL or UL. However, consulting with a licensed insurance agent will offer in-depth details on how you can go about doing that.

What options are there for care?

There are several options for Long Term Care, there are skilled living facilities, adult daycare, Nursing Homes and even in-home care. Some of these options may seem the same or very similar, so what’s the difference?

Nursing Homes – Everyone has heard of them, these have skilled nurses working for them around the clock. These tend to be some of the more expensive options.

Adult Day Care – This is essential for someone that lives with another person that can not take care of them during the day due to work or another conflicting issue. The individual is taken to a facility for the day and then returned back home at the end of the day. Imagine a daycare for your kids, just for adults.

Skilled Living Facility – These facilities tend to have full-time staff. However, they are not nurses and only have some training in the medical field. These places tend to be cheaper but still provide excellent care to most residents.

In-Home Care – This is when you have a nurse or skilled worker come to your home to help you. They stay with you to help you out as needed.

These options may be covered under specific policies. However, typically there is a limit on how long and how much you can spend before the policy is no longer active. Consult an agent for more information and how you can get started protecting your future finances.

To learn more about Medicare Supplement Plans, call Empower today and let us help you with your Medicare questions.

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