how it works
Long-term care insurance gives you funds to pay for care at home or a nursing facility if you ever need it.
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Our experts help assess your situation and figure out your best options. We then deliver personalized quotes right to your email.
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When ready, you can apply online or over the phone. Experts are here to help anytime you need it.
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With long-term care insurance, you have peace of mind that your savings and family are always protected.
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Here's how much protection you could have by setting aside $100,000 in a hybrid life & long-term care policy.*
total long-term care benefits
65 year-old man
total long-term care benefits
55 year-old woman
total long-term care benefits
70 year-old man
* Actual quotes for a hybrid life & long-term care policy. Benefits are paid over 6 years and includes guaranteed return of premium. Your pricing may differ and is subject to insurer review of your application. Guarantees subject to claims-paying ability of insurer.
We’ve got answers to the top 5 questions about long-term care insurance.
Long-term care refers to the need for assistance with daily living activities, such as dressing or eating. Help needs could arise from both accidents or sickness, and care could range from simply needing some part-time help at home to requiring 24-hour care in a nursing home.
A 2015 study by the federal government estimates that over half of people age 65 or older will need some long-term care help during their lifetime. On average, retirees who need care will need help for 2 years and spend over $100,000 for this help. Also, 1-in-7 of those age 65 or older will spend more than $250,000 on long-term care during their lifetimes.
Finally, while the average age of long-term care recipients is older, around 40% of people receiving long-term care today are under 65. It can happen to anyone, at any age. Given the high likelihood of needing care and the high costs of care, we believe everyone should have a plan for how to cover their long-term care needs, if they arise.
Unfortunately, neither Medicare or Medicaid are great choices for covering your long-term care needs. Medicare may cover some long-term care needs, but it only covers a limited set of circumstances and provides limited benefits. If you do need long-term care, there is a good chance you would not qualify for benefits under Medicare and, even if you do, you’d exhaust the benefits pretty quickly.
Medicaid does cover more long-term care needs, but it’s a program designed for low income families. In general, virtually all your assets must be exhausted before Medicaid will kick in, so your retirement savings will be wiped out and your spouse could be left living in poverty. You’d also have no more assets to leave an inheritance to the people or organizations you care about. Finally, since some facilities do not accept Medicaid, your care options may be limited if you go this route.
For all these reasons, most people will want to have a long-term care funding plan in place, so they can avoid relying on Medicare or Medicaid if possible.
If you are near or in retirement, long-term care planning should be a top priority. People in their 60s and 70s buy long-term care insurance every day, so options are available, and the most important thing is to just get started.
If you are several years from retirement, then starting to plan for your needs in your late 40s / early 50s will help tremendously.
Long-term care is expensive, so planning early will help make sure you can build up your savings over time. Also, long-term care insurance is much cheaper if you can buy it in your 50s instead of waiting until your 60s or 70s. Finally, health issues could prevent you from getting approved for long-term care insurance, so starting your planning before major health issues arise will give you the most options for protection.
Long-term care insurance provides you with funds to pay for care if you ever need it. Today, most policies will cover care both at home and at outside facilities. Covered care includes things such as visits from health and personal care aids and stays at assisted living facilities or nursing homes.
If you qualify for benefits, your insurer will reimburse you up to a monthly maximum benefit amount (e.g. $5,000 per month) and benefits can last anywhere from 2-8 years, depending on the policy you buy.
Like health insurance, there is usually an "elimination period" or "waiting period" of 90 days, which means insurers start reimbursing claims only after you've needed care for more than 90 days.
Hybrid life & long-term care (“LTC”) policies are a new type of long-term care insurance available. They provide many more benefits than traditional LTC policies and are offered by top insurers like Lincoln Financial, Minnesota Mutual (Securian), and Nationwide Financial.
With hybrid life & LTC policies, you deposit a fixed amount (e.g. $50,000) inside a special universal life insurance policy that is designed for long-term care. This deposit can be paid upfront or over a fixed period (e.g. 10 years). In return for this deposit, you receive the following benefits:
Long-term care insurance — if you need long-term care and qualify for benefits, the insurer will pay you a monthly amount to help cover LTC costs for anywhere from 2 to 8 years.
Money-back guarantee — if you die without using your benefits, you’ll receive a refund of 100% of your premiums less any benefits received.
Early termination options — most hybrid life & LTC products let you get most or all your premiums back if you decide to terminate your policy altogether. You’ll generally need to hold the policy for a minimum period (e.g. 7 years), but after meeting that threshold, you can cancel for any reason and get your premiums back less any benefits you’ve received.
Guaranteed premiums — most hybrid life & LTC policies have guaranteed premiums. No more worrying about whether insurers will raise your rates or if you’ll be able to afford to keep the policy later in life.
At Saturday, we believe hybrid life & LTC policies offer the best value for most customers, so that is all we offer.
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Saturday Insurance Services, LLC (“Saturday” or “Saturday Insurance”) is a licensed, digital insurance advisor. All tools, quotes, and information provided by Saturday are for educational purposes only and based on the limited information, if any, provided by you. We urge you to consult with your financial and tax advisors before making any purchase decisions. All quotes and estimates are non-binding and are not to be construed as a guarantee you will be able to purchase insurance. Availability of insurance and final pricing is determined solely by our insurer partners and subject to their review and acceptance of a completed application. All product guarantees are subject to the claims-paying ability of your insurer.