lifehappens.org Open in urlscan Pro
54.82.77.229  Public Scan

Form analysis
1 forms found in the DOM

GET https://lifehappens.org/

<form role="search" method="get" class="et-search-form" action="https://lifehappens.org/">
  <input type="search" class="et-search-field" placeholder="Search …" value="" name="s" title="Search for:">
</form>

Text Content

 * INSURANCE 101
   * Life Insurance 101
   * El ABC de los seguros de vida
   * Disability Insurance 101
   * Long-Term Care Insurance 101
   * Annuity 101
   * Blog
   * Videos
 * CALCULATORS
   * Life Insurance Needs
   * Necesidades de seguro de vida
   * Disability Insurance Needs
   * Human Life Value
 * FINDING COVERAGE
   * Choosing a Company
   * Choosing an Agent
 * LIFE LESSONS SCHOLARSHIP
   * Overview
   * Application
   * Scholarship Winners
   * Corporate Sponsorship
   * Make a Donation
 * ABOUT
   * About Us
   * News
   * Research
   * Our Team
   * Leadership
   * Partners
   * Campaigns
   * Real Life Stories Program


Select Page
 * INSURANCE 101
   * Life Insurance 101
   * El ABC de los seguros de vida
   * Disability Insurance 101
   * Long-Term Care Insurance 101
   * Annuity 101
   * Blog
   * Videos
 * CALCULATORS
   * Life Insurance Needs
   * Necesidades de seguro de vida
   * Disability Insurance Needs
   * Human Life Value
 * FINDING COVERAGE
   * Choosing a Company
   * Choosing an Agent
 * LIFE LESSONS SCHOLARSHIP
   * Overview
   * Application
   * Scholarship Winners
   * Corporate Sponsorship
   * Make a Donation
 * ABOUT
   * About Us
   * News
   * Research
   * Our Team
   * Leadership
   * Partners
   * Campaigns
   * Real Life Stories Program




LONG-TERM CARE INSURANCE 101

Did you know that neither your health insurance nor Medicare would pay for
extended long-term care services in the event that you needed them in the
future? If you develop a chronic illness or become disabled and can no longer
care for yourself for an extended period of time, you’ll need long-term care
services. Here are some answers to common questions about long-term care
insurance to help you figure out if it’s right for you.

1:00












WHY IS LONG-TERM CARE INSURANCE WORTH IT?

Long-term care insurance steps in if you develop a health condition that
requires you to receive care and supervision. This could mean home health care,
nursing home care or personal or adult day care. Many people mistakenly believe
that Medicare or Medicaid would cover their care expenses, but this is often not
the case. Without long-term care insurance in place, you may burn through your
life savings or have no choice but to rely on a family member for care.
Long-term care insurance is worth it because it protects your assets, spares
your family from financial and emotional stress, and puts you in control of your
health decisions.
Learn more about why long-term care insurance is worth it


DO I NEED LONG-TERM CARE INSURANCE?

There is no way to know for certain if you will someday require long-term care
either in your home or in a specialized facility. But it’s likely when you
consider that people are living longer than ever and that the U.S. Department of
Health and Human Services reports that 69% of people will use long-term care
services at some point.¹ Many people find long-term care insurance worth it
because it offers peace of mind knowing that they won’t drain their assets or
put undue pressure on family members.

Learn more about how to decide if long-term care insurance is right for you


WHAT ARE MY OPTIONS FOR LONG-TERM CARE INSURANCE?

There are three main types of long-term care insurance: traditional long-term
care insurance, hybrid long-term care insurance and life insurance with a
long-term care rider. Each type of coverage has different pros and cons worth
considering.
Learn more about each type of long-term care insurance coverage


WHAT KIND OF CARE DOES LONG-TERM CARE INSURANCE COVER?

Long-term care insurance typically covers both in-home care and care received at
a specialized facility like an adult day care, an assisted living facility, a
nursing home or a memory loss unit.
Learn more about the kinds of care that long-term care insurance covers


HOW MUCH LONG-TERM CARE INSURANCE DO I NEED?

There are many variables that go into deciding how much long-term care insurance
you need. They include your budget, you and your family’s health history, your
financial situation and the cost of care where you reside. Also, because almost
all long-term care insurance policies are bundled with life insurance coverage
(or an annuity), you will also want to consider that coverage level as well. A
licensed insurance agent can help you consider your options and make the best
choice.
Learn more about deciding how much long-term care insurance you’d need


WHEN SHOULD I BUY LONG-TERM CARE INSURANCE?

Today, most long-term care insurance policies come bundled with life insurance
coverage. Because both long-term care insurance rates and life insurance rates
generally increase with age, it’s best to start shopping for a hybrid life
insurance and long-term care policy when you’re in your 40s or 50s. That said,
you can still buy a policy if you’re in your 60s or older⁠—just know that you’ll
probably pay more than someone who’s younger.
Learn more about when to buy long-term care insurance


HOW MUCH DOES LONG-TERM CARE COST?

While the cost of long-term care varies by facility and by where you live, it’s
safe to say the cost is considerable. Long-term care costs range from $19,240
per year for adult day care to $105,850 per year for a private room in a nursing
home.² This kind of expense can quickly deplete your nest egg, which is why
long-term care insurance is such an important coverage to consider. Many people
are surprised to learn that long-term care coverage costs less than they
imagined. You may even be able to deduct the cost of long-term care insurance
premiums from your state and federal taxes.

Learn more about the cost of long-term care and why long-term care insurance is
important


HOW MUCH DOES LONG-TERM CARE INSURANCE COST?

The cost of long-term care insurance depends on factors like your age, your
health and the kinds of benefits you choose. Only an insurance advisor can
pinpoint an exact cost for you. That said, the American Association of Long-Term
Care Insurance estimates that a couple in their mid-50s purchasing new long-term
care insurance coverage can expect to pay just over $3,000 for a potential
combined benefit of over $770,000 in coverage should they begin needing care at
age 85.³
Learn more about the cost of long-term care insurance


WHERE CAN YOU BUY LONG-TERM CARE INSURANCE?

There are three main options when it comes to getting a long-term care insurance
quote and buying coverage. They include working with a licensed insurance
professional, buying coverage through an employer-sponsored plan and buying
coverage through an association or membership group like a trade association or
alumni group. There are pros and cons to each of these three options.

Learn more about them and how to buy long-term care insurance


HOW SHOULD I MANAGE MY LONG-TERM CARE INSURANCE POLICY?

Because almost all long-term care policies are now hybrid policies that also
include life insurance coverage, you will want to review your policy whenever
you experience a major life change like a marriage, divorce or death in the
family. It’s also a good idea to review your coverage once a year with a
licensed insurance agent. This is especially true if your long-term care
coverage includes a compound inflation rider or a purchase option.

Learn more about how to manage your long-term care insurance policy


WHEN DOES A LONG-TERM CARE INSURANCE POLICY START TO PAY FOR CARE?

You first need to meet the elimination period before your long-term care
insurance policy starts to pay for care. The elimination period can be thought
of as a deductible measured in time instead of money. A typical elimination
period for a long-term care insurance policy is 90 days. Once that is met, you
typically need to experience either severe cognitive impairment or be unable to
perform two activities of daily living such as dressing or feeding yourself.

Learn more about when long-term care insurance policies start to pay for care


HOW DO I MAKE A LONG-TERM CARE INSURANCE CLAIM?

Before you file a long-term care insurance claim, it’s a good idea to review
your policy to make sure you met the elimination period and the conditions that
qualify you for benefits. If everything checks out, you should contact the
insurer and request a claim packet. It will contain paperwork that both you and
your attending physician will need to fill out. Once the insurer reviews the
paperwork, they will typically set up a phone interview with you (or your legal
representative if you’re cognitively impaired). The insurer will then review all
the information from the paperwork and the interview to determine if you qualify
for long-term care benefits.
Learn more about how to file a claim for long-term care insurance

REAL LIFE STORY


LONG-TERM CARE INSURANCE RELIEVED THE FINANCIAL BURDEN AFTER A HEALTH CRISIS.

Theresa Mollicone was skeptical of long-term care insurance but after her
husband, Joe, suffered a massive stroke that left him paralyzed and unable to
speak, she became a believer. His long-term care insurance policy started paying
the maximum daily benefit and has been just enough to cover Joe’s homecare
needs.



“If we didn’t have this insurance, caring for Joe would have depleted all the
savings we had,” Theresa says. “Now I’m not afraid of running of out money.”

Watch now

¹ U.S. Department of Health and Human Services
² Genworth’s Cost of Care Survey
³ American Association for Long-Term Care Insurance

Are you an insurance professional looking for resources? Visit
LifeHappensPro.org.

Privacy Policy  •  Blog Policy  •  Contact Us  •  News
Life Happens does not endorse any insurance company, product, or advisor.
© 2022 Life Happens. All rights reserved.

 * Follow
 * Follow
 * Follow
 * Follow


PIN IT ON PINTEREST


3:37