Long Term Care Insurance
With over 30 years of experience and expertise providing comprehensive long-term care insurance for families and their loved ones, let our team work alongside you to find insurance solutions tailored to your needs.
What is Long Term Care Insurance
Long-term care insurance refers to a type of insurance policy that provides coverage for individuals who require extended assistance and care due to chronic illnesses, disabilities, or aging-related conditions. This form of insurance is designed to help cover the costs associated with long-term care services, often not covered by traditional health insurance plans or government programs.
Long-term care insurance typically covers a range of services, including assistance with activities of daily living (ADLs) such as bathing, dressing, eating, and mobility, as well as supervision and medical care provided in various settings like nursing homes, assisted living facilities, and even in one’s own home. The specific coverage and benefits offered can vary depending on the policy terms, such as the maximum benefit amount, the waiting period before benefits kick in, and any exclusions or limitations.
Prudential Financial Inc. notes that 74% of consumers ages 55 to 65 polled for a recent survey said they are concerned about needing some kind of long-term care. That’s about three in every four of us! But the consumer concern has not yet been translated into action in most cases. In the Prudential survey, 25% of all consumers admitted that they have no idea what a day in a nursing home costs. And only 22% of the participants mentioned the idea of using private LTC insurance to pay for care. (Prudential Financial Inc. Newark, N.J 2010 Long Term Care Cost Study)
Understanding long-term care insurance is crucial because it goes beyond what traditional health insurance or Medicare covers. Working with our trusted Florida insurance broker ensures you get the best policy tailored to your specific needs.
Traditional Long-Term Care Insurance
This type of policy provides coverage for long-term care services, such as nursing home care, assisted living facility care, and in-home care. Policyholders pay regular premiums, and the policy provides benefits to cover the costs up to a specified limit.
Hybrid Long-Term Care Insurance
Hybrid policies combine long-term care insurance with another type of insurance, typically life insurance or an annuity. These policies offer a death benefit if the policyholder passes away without requiring long-term care.
Life Insurance with Long-Term Care Riders
Some life insurance policies offer optional long-term care riders. These riders allow policyholders to access a portion of the death benefit if they require long-term care. If the long-term care benefit is not used, the remaining death benefit is paid out to beneficiaries upon the policyholder's death.
Service Beyond Your Expectations
When we think about our future healthcare needs, we often focus on medical treatments rather than everyday tasks that may become difficult as we age. By securing long-term care insurance now, you are taking steps towards safeguarding your future needs and ensuring access to quality support and care services. Suncoast Benefits offer more than services but relationships built on trust to achieve family protection. Let us be your healthcare advocate for finding solutions beyond your expectations.
We all want the freedom to live our lives without worrying about the future, especially when it comes to our health and financial well-being. One way to ensure we can continue enjoying life’s pleasures is by investing in long-term care insurance for our loved ones. At Suncoast Benefits, our professionals take the time to eliminate the intricacies and technical insurance policy terminologies so you can better understand and choose one that fits your goals.
Coverage for Long-Term Care Expenses
Long-term care insurance covers a range of services and support needed for chronic illnesses, disabilities, or aging-related conditions. This can include assistance with activities of daily living (ADLs) such as bathing, dressing, eating, and mobility, as well as care provided in nursing homes, assisted living facilities, or at home.
Asset Protection
Long-term care expenses can be substantial and quickly deplete an individual's savings and assets. Long-term care insurance helps protect these assets by covering care costs, allowing policyholders to preserve their wealth and pass it on to their beneficiaries.
Flexibility and Choice of Care Settings:
Long-term care insurance gives individuals flexibility and choice when it comes to receiving care. Policyholders can often choose to receive care at home, in an assisted living facility, or in a nursing home, depending on their needs and preferences.
Peace of Mind
Long-term care insurance provides peace of mind for individuals and their families. It alleviates concerns about the financial burden of long-term care and ensures that necessary care services can be accessed.
What Does Long-Term Care Cost
My Mom, Rose, likes to live on her own terms. Her Long Term Care Policy allows her to live as she wishes in comfort and privacy. As you may imagine, the policy also provides her children with peace of mind, we know there is a policy in place that will pay for the expensive in-home care or private care when needed. Suncoast Benefits will assist you in creating a long-term care plan that fits your financial and healthcare needs.
The cost of long-term care can vary depending on several factors, including the type of care needed, the location, and the required duration. Here are some approximate cost ranges for different types of long-term care services in the United States:
In-Home Care
The cost of hiring a home health aide or caregiver to assist with daily activities can vary. The average cost can range from $25 to $30 per hour, but it can be higher in certain areas or for specialized care.
Assisted Living Facilities
Assisted living facilities provide housing, meals, personal care, and support services. The cost can vary depending on the location and amenities offered. On average, the annual cost for an assisted living facility can range from $40,000 to $60,000.
Memory Care
Memory care facilities specialize in caring for individuals with dementia or Alzheimer's disease. Depending on the specialized care and security measures provided, the annual cost of memory care can range from $60,000 to $90,000.
Suncoast Benefits believe your loved ones should have access to quality care without draining your resources or compromising their future needs. That’s why our qualified team takes proactive steps to help you so that when unexpected events arise — an illness or an accident — you can rest assured knowing you’ve made smart choices early on, which positively impacts everyone involved.
We’ve found that long-term care insurance’s cost pales in comparison to out-of-pocket expenses without it. It can be one of your tickets to financial freedom, ensuring you won’t be burdened by sky-high costs when y need care most!
Purchasing long-term care insurance can offer tax advantages. Premiums may be tax-deductible, and benefits received are generally tax-free. It’s a smart move to protect your family and business while enjoying tax perks.
Let’s work together to find the right long-term care insurance coverage for your unique situation! We’ll consider factors like age, health, family history, and future needs to ensure you’re well-prepared for life’s uncertainties.
Absolutely! We can tailor long-term care insurance policies to include specific services like in-home assistance, nursing home care, and more. It’s our way of ensuring you get the freedom and support you deserve.
Long-term care insurance premiums can increase over time, but we can manage potential hikes with strategies like choosing a shorter benefit period or opting for inflation protection. Let’s ensure our financial freedom together!
Florida’s Trusted Insurance Broker
Life can be unpredictable; having a safety net in place for our loved ones is essential to protect them. With long-term care insurance, you’re giving yourself peace of mind and financial security, knowing that your loved ones will receive adequate care. We are here to help you find a cost-effective insurance plan. So, if you’re ready to talk about your insurance coverage needs, budget concerns, and your health and well-being goals, we are ready to help.