ACSIA Partners

What is long-term care insurance?

Long-term care insurance helps cover the cost of home health care, adult day care, assisted living facility for when you can no longer perform basic activities of daily living. It also covered skilled care in nursing homes or advance memory care should you need that level of care.

Who needs long-term care insurance?

Anyone who wants to protect their income and savings while avoiding burdening family members with caregiving responsibilities – especially those aged 50 and older.

When is the best time to buy long-term care insurance?

Generally, the best time to buy is in your 50s, or early 60s, while you’re still pretty healthy. Premiums are typically lower and approval is more likely at younger ages.Many of our very own LTC Specialists purchased their own LTC plans when they were in their 40’s because they know for every 10 years you wait to lock in your plan, the premiums can easily be double or more so it doesn’t pay to wait.

What types of care are covered?

Coverage typically includes:In-home careAssisted living facilityNursing home careMemory care (for Alzheimer’s/dementia)Adult day care services

How do I qualify for benefits?

Most policies outline the following explanation for triggering benefits or use the terminology ‘when you need substantial assistance’:You need help with 2 or more Activities of Daily Living (ADLs), such as bathing or dressingOr you have a cognitive impairment, like Alzheimer’s disease

Is there a waiting period before benefits begin?

Yes, called an elimination period (typically 30, 60, or 90 days), during which you must pay out of pocket before the policy starts covering care. Some plans have an option to start In-home care without an elimination period.

How much does long-term care insurance cost?

Costs vary based on:Your age and healthCoverage amount and benefit periodOptional riders (e.g., inflation protection)As a ballpark, a 55-year-old might pay $2,000–$3,000/year.

Are premiums fixed or can they go up?

Premiums are not guaranteed and can increase, but rate hikes must be approved by state regulators and apply to a group of policyholders, not individuals.