Long-term Care Insurance

What is long-term care?

Defined as the assistance or supervision you may need with some of the activities of daily living. 

And/or because of:

  • Accidents
  • Chronic Illness
  • Aging
  • Strokes
  • A severe cognitive impairment, such as dementia, Alzheimer's disease or brain injury
  • Other Chronic Conditions

Long term care can be received at home, in the community or in a nursing home or assisted living facility.

Planning is bringing the future into the present so that you can do something about it.
— Alan Lakein

Long-term care is getting more expensive:

Annual median cost of care in the United States currently and in 20 years. (Estimates how much care might cost based on a 5% annual growth rate.)

  • In-home care today (44 hours):  $44,479 and in 20 years $112,396
  • Assisted Living today: $41,400 and in 20 years $104,615
  • Nursing Home today (private room): $83,950 and in 20 years $212,138

(Genworth 2013 Cost of Care Survey, conducted by Care Scout April 2013. Based on national median costs.)

What are the factors in setting your Long-term Care insurance premiums:

Two main determining factors in setting your initial Long-term Care insurance premium are your health and your age.

  • Generally, the younger you are the more affordable the premium.
  • You may also qualify for good health discounts at younger ages 

How do you pay for Long-term Care?

  • Your savings and investments
  • Family and Friends
  • Medicare — may cover short term care
  • Medicaid — Government program once you have depleted your assets.
  • Long-term Care Insurance

Long-term care is a reality and challenge

Long-term care insurance allows you to transfer the risk of long-term care costs to an insurance company.

  • At least 70% of people over the age of 65 will need long-term care services. (Medicare & You, National Medicare Handbook, Centers for Medicare and Medicaid Services, Revised Nov. 2012)
  • 40% of those persons receiving long-term care are between the ages of 18 and 64 (Oliva, Jason Majority of Americans Ill-Prepared for Long-term care needs.  Reverse Mortgage Daily.  Aug 15, 2013)
  • 3.9 years is the average length of long-term care claim lasting longer than on year. (Claims data for Genworth Life Insurance Company and affiliates - Dec 1974 - Dec 31, 2012)
  • 4 – 8 years is the average life expectancy after Alzheimer's disease diagnosis after age 65. (Source: 2012 Alzheimer's Disease Facts and Figures, Alzheimer's Association, March 2012) 

What We Do

  • Voluntary plans
  • Corporate carve-outs
  • Individual policies
  • Represent all major LTCI carriers
  • Licensed in 49 states

Who We Work With

  • Healthcare companies
  • Medical practices
  • Law Firms
  • Non-profit organizations
  • Private companies
  • Family-owned businesses
  • Individuals

Services We Offer

  • Market surveys
  • Audits of current coverage
  • Enrollment and benefit communication services
  • Individual consultations
  • On-going administrative support
  • Annual reviews
  • Claims handling

Learn more about long-term care planning and benefits