LTC Funding

The core benefit of the LTCRplus program is helping members develop a plan for how they will pay for the potential expenses associated with their extended care. Since 1998, LTCR has helped over half a million people understand the risk, costs, and financial solutions available to pay for long-term care.

While a lot has changed in the last year, the problem has not. Long-term care is expensive. 

For many people, the COVID-19 Pandemic and its impact on nursing facilities has caused them to spend more time learning about financial solutions. In fact, if we were allowed to change the name of this product, we would probably call it “Stay In Your Own Home Insurance.” Many people who have prepared for a long-term care need have done so to ensure that they maintain control over where and from whom they receive care. In many cases their decision was impacted by their desire to remain in their own home and/or be able to afford the facility of their choosing if necessary.

While the problem has not changed, the solutions have. One of the major advantages of the LTCRplus Funding benefit is that you can compare these solutions. In addition, we offer a portfolio of top-rated carriers to help you find the best value within each solution.

Below is an overview of the types of solutions in the market and their advantages and disadvantages.

How much does Long-Term Care Insurance Cost?

What does it cover?

We know most members are concerned with gaining a better understanding of what plans may cost and what benefits they provide. Here are some of the variables that impact the cost:
  • Type of product selected – Hybrid or Stand Alone LTC
  • Benefit levels (amount of coverage)
  • Optional riders
  • Age
  • Gender
  • Health
  • Marital Status
  • Group Discounts

Specific Costs:

We have assigned an LTC Advisor to you who is licensed in your state, who can help you explore your options and provide you with detailed quotes. Your LTC Advisor will work with you in a manner most comfortable to you including by phone, email or webinar and can answer all your questions about LTC solutions.

Estimated Costs:

Many members want to get a sense of the potential premium before talking with an LTC Advisor.  We have created the following Cost of Insurance Tools to help you evaluate costs and benefits. 

Here are some tools to help you evaluate insurance costs

Considering self-insuring?  Whether you have a policy, previously looked at buying coverage or are just starting the evaluation process, it is important to understand that LTC insurance works. Policies in force are currently paying over $28 million in benefits per day. In 2018 the LTC industry paid over $10.3 billion in claims. *

* Source: www.aaltci.org

Why Insurance? Because you can’t out invest it!

Long-Term Care Education

Top 4 Myths Of Long-Term Care

It Won’t Happen To Me

In fact, Americans over the age of 65 have a 70% chance of needing some form of long-term care in their lifetime.

I’m Covered by Medicare / Medicaid

Medicare & Medicaid aren’t the whole story. Medicare only covers a portion of skilled nursing costs up to 100 days.

Medicaid only applies to individuals who qualify based on their income / asset levels.

That’s What My Savings Is For

Long-term care costs add up fast. It’s estimated that an unexpected long-term care event may cause clients to burn through their retirement assets 2 to 3 times faster than expected.

My Family Will Take Care Of Me

Caregiving involves lifting, bathing and toileting which can take an emotional and physical toll. It’s no wonder a spouse caring for their disabled spouse is 6 times more likely to suffer from anxiety or depression.

Did you know?

The average annual cost of a private room in a nursing home in 2019 was $102,200. Without Long-Term Care insurance you have decided to pay for your own long term care expenses.

– 2019 Genworth Cost of Care Study

Will you need LTC?

Approximately 70% of people over the age 65 will require some form of long-term care services during their lifetime, and more than 40% will require this care in a nursing home.

– Department of Health and Human Services

Still considering life without long-term care insurance?

Not purchasing Long-Term Care Insurance will save you some money. You may save $200-$300 per month (based on the cost of an average LTC plan). If you don’t need care, this money can accumulate for your heirs or you can spend it how you choose.

You will need to depend on your own resources to arrange for care. A spouse, adult children or a friend will need to contact government agencies or use the “Yellow Pages” to coordinate and find the quality of care you desire.

You will need to write personal checks for home health care or care in a facility. The money you saved not buying Long-Term Care Insurance will quickly be exhausted by the expenses for your care. The National average for a private room in a Nursing Home is $102,200 a year. Home Health Aide Services average $58,240 per year. (Based on 8 hours of care per day at the average rate of $20 / hour)

If the need for care lasts for an extended period of time, your life savings could be depleted leaving your spouse impoverished or with nothing to leave to your heirs or favorite charity.

If your life savings is spent caring for one spouse, the surviving spouse would need to depend on Medicaid or Welfare for their potential care needs and living expenses.

Is a Long-Term Care Insurance Policy the Answer?

The conventional wisdom has been that if you have limited income and resources (defined by many experts as having assets, including your home, that total $50,000 or less) you can forgo this insurance. The government — i.e., Medicaid — will pay for your care which is limited to select facilities that accept Medicaid.

But if your assets are not limited to $50,000, Long-Term Care Insurance is most likely your best option. Long-Term Care Insurance will preserve your assets for your heirs and spare them the physical, emotional and financial burdens of caring for you. Long-Term Care Insurance will allow your family to oversee your care rather than make life sacrifices to provide it.

You can’t out invest insurance.

Are you familiar with RMD’s?

Are you Self Insuring or Self Funding?

Do you need assistance ?

Contact your specialist from the form below or call the LTC concierge team at (844) LTC-PLUS (844-582-7587) during the hours of 8am-8pm EST.

Testimonials

"Our experience working with LTCR was excellent."

"We were able to shop the market and compare the different solutions including plans with special discounts through our association. Best of all the vast majority of the process could be completed via the phone and email."

Joseph and Carolyn A.

Wexford, PA

"Thank you for your caring assistance."

"Finding the right long-term care options can be totally confusing. My family was trying to figure things out for my uncle. They had selected a facility and were ready to move him in. The research online seemed to indicate the facility was of solid quality. Thankfully, with the LTC Navigation benefit, I was able to research that facility and others. I learned that they were not nearly the quality we desired and found three better alternatives."

Jodi H.
Wayne, NJ

"The Legal benefit was quick, and easy to use."

"When my mother’s health was declining, we realized she did not even have a Will. The LTCRplus Legal resource helped us create a valid Will, plus a Medical Directive for her, and it didn’t cost us a dime. I was able to share these documents with my husband and my sister in another state so they could review it.

Thanks for this great benefit. It helped to ease the legal burden for our entire family."

Kristi B.
Grosse Pointe Woods, MI

"Care Audit put our minds at ease."

"When mom insisted on staying in Michigan when she needed a nursing home, I was concerned about the distance and my ability to check in on her. Her memory is beginning to fade and I was worried about the care that she was receiving. I used the Care Audit benefit to have a third-party health care professional visit mom and provide the family with an assessment of her well-being, social and mental status. We feel a lot better knowing that mom is doing well and the facility is properly caring for her needs."

Vicki F.
Phoenix, AZ