Long Term Care
Freddy Fox Financial Solutions is here to help you prepare for the unexpected with a long-term care plan that protects your future.
Long Term Care
Freddy Fox Financial Solutions is here to help you prepare for the unexpected with a long-term care plan that protects your future.
Long Term Care
Freddy Fox Financial Solutions wants to help you protect your future with the right life insurance plan.
Long Term Care
Freddy Fox Financial Solutions wants to help you protect your future with the right life insurance plan.
Understanding Long Term Care Insurance
As people age, the likelihood of needing assistance with everyday activities—such as bathing, dressing, or eating—increases significantly. Long Term Care Insurance (LTCI) helps cover the costs associated with this type of care, whether it’s provided at home, in an assisted living facility, or in a nursing home.
Original Medicare and most health insurance plans do not cover long-term custodial care. Without coverage, these services can place a heavy financial burden on families. LTCI offers peace of mind by helping to protect savings, preserve independence, and give loved ones the support they need when care becomes necessary.
Common services LTCI can help pay for include:
- In-home personal care
- Adult day care
- Assisted living facility costs
- Skilled nursing care
- Memory care for dementia or Alzheimer’s
Why Long Term Care Insurance Matters
Planning ahead for long-term care is a vital part of retirement preparedness. According to federal data, nearly 70% of adults over age 65 will need some form of long-term care during their lifetime. Unfortunately, many wait until it's too late to consider their options.
Here’s why early planning makes a difference:
Financial Protection
Long-term care can cost thousands per month. LTCI helps cover these expenses so you don’t have to deplete retirement savings or rely on family members financially.
More Care Choices
With insurance in place, you're more likely to have access to your preferred type of care—whether at home or in a quality facility.
Reduced Burden on Loved Ones
LTCI can relieve your family from the emotional, physical, and financial toll of becoming full-time caregivers.
Types of Long Term Care Coverage
There are several options available to meet different needs and budgets:
Traditional LTC Insurance
These policies offer comprehensive coverage for a variety of care settings and services. Premiums are paid annually or monthly, and benefits are triggered when you can no longer perform a set number of activities of daily living (ADLs).
Hybrid Life & LTC Policies
These combine life insurance or an annuity with a long-term care benefit. If care is needed, the policy pays out for LTC; if not, your beneficiaries receive a death benefit. These plans appeal to those who want to ensure their investment is never “lost.”
State Partnership Plans
Available in many states, these allow you to protect a portion of your assets if you exhaust your LTC policy and later apply for Medicaid.
When and How to Get Started
The best time to purchase LTC insurance is generally in your mid-50s to early 60s—while you’re still in good health and more likely to qualify for better rates.
When considering a plan, think about:
- Your health history and family risk factors
- Your current and future income
- The cost of care in your state
- How much you want to protect your assets
An experienced insurance professional can help you weigh these factors and compare plans from multiple top-rated carriers.