FAQ
Long-term care
questions, answered.
What is long-term care?
Long-term care is help with everyday activities like bathing, dressing and eating, or supervision because of dementia, provided at home, in adult day care, in assisted living or in a nursing home. It's usually custodial care, not medical treatment.
What are the chances I'll need long-term care?
According to the U.S. Administration for Community Living, someone turning 65 today has almost a 70% chance of needing some type of long-term care services in their remaining years.
What is asset-based long-term care?
Coverage that combines long-term care benefits with life insurance or an annuity, so your money pays for care if you need it and goes to your family if you don't.
At what age should I buy long-term care coverage?
Many people buy in their 50s or early 60s, when coverage is more affordable and they're more likely to qualify. Waiting raises the cost and the risk that a health change makes you uninsurable.
Can I get coverage if I have health problems?
Possibly. Underwriting varies by carrier. Annuity/LTC designs often have simpler underwriting than life-based policies. We'll match your health history to the carriers most likely to approve you.
Do hybrid policies pay for home care?
Most do. Policies typically cover home care, adult day care, assisted living, memory care and nursing home care. Some also pay benefits to family caregivers. Check the specific policy.
What's the difference between reimbursement and indemnity benefits?
Reimbursement policies pay actual qualified care expenses up to the monthly limit. Indemnity (cash) policies pay the full monthly benefit once you qualify, regardless of actual costs, which offers more flexibility.
Can my long-term care premiums go up?
Traditional LTC premiums can increase with state approval. Many hybrid life/LTC policies have guaranteed premiums, and single-deposit annuity/LTC policies have no ongoing premiums.
What happens to my money if I die without using the care benefits?
With hybrid life/LTC, your beneficiaries receive the death benefit, generally income-tax-free. With annuity/LTC, the remaining account value passes to your beneficiaries.
Who is your long-term care specialist?
Derick Guyton, CLTC, is the long-term care specialist at Pacific Ridgeway Insurance Solutions, an independent agency founded by Gregory Stevenson. The CLTC (Certified in Long-Term Care) designation means he has completed specialized long-term care planning training. He compares top-rated carriers for you.
Your next step
See your numbers before you decide anything.
A free, no-pressure review. We'll compare asset-based long-term care options from top-rated carriers side by side, including what happens if you never need care.