Long Term Care

Northwest Financial Group, LLC considers Long Term Care Insurance an essential component of comprehensive financial planning. Furthermore, we consider it our responsibility to thoroughly educate each client on the basics on Long Term Care Insurance and provide them with the necessary resources and companies for some of the most competitive and affordable coverage.

Please read the information below and click here to fill out an application or request additional info from one of our Insurance Specialists.

What is long term care?

Long term care is a term used to describe a variety of services for people who are unable to care for themselves. This can be due to a prolonged illness or injury or the simple process of aging.

Many people think long term care means going to a nursing home. Today, a variety of long term care services actually may help keep people out of nursing homes by allowing them to remain at home or live independently as long as possible.

Long Term Care services include in-home care, assisted living and nursing home.

Why consider Long Term Care insurance?

The things we value – home, family, hard-earned savings, independence – these are just a few of the important things Long Term Care Insurance can help you protect and preserve. To consider whether Long Term Care Insurance is right for you, is to consider the value it may help to bring.

Preserve your savings and other assets.

You’ve worked hard and saved. Your savings will serve you when life goes as you’ve planned. But you probably don’t want to use your savings to pay for a hospital stay, or to replace your home after a fire. You have health and homeowner’s insurance for those unforeseen turns in the road. But chances are you could live without many of the catastrophic events you’ve planned for. And the longer you live, the greater the likelihood of a long term care need. There is insurance for that too: Long Term Care Insurance.

Protect your family and friends from the difficulties of care giving.

Family is often the first place you’ll turn to for care, comfort, and support. But in many cases, they are not professional caregivers. What you want from your family is love and support. Weeks, months or years of care, even with just basic daily needs may be a burden you want to lift from your family’s shoulders, so they can give you those shoulders to lean on in the ways that matter more.

Stay in your home as long as possible.

If you’re like most people, home is where your heart is, and where you’d like to stay for as long as possible. Long Term Care Insurance can give you the flexibility to receive care in the comfort and familiarity of your home or your community.

Maintain a level of independence and control of your life.

Nothing makes us feel more vulnerable than losing control of basic choices. Few things are as important as knowing we’ve taken steps to help make sure we’re able to live our lives on our own terms.

What does Long Term Care Insurance cover?

Keeping up with daily basic activities may require help when you’re dealing with an accident, illness or a chronic condition. Long Term Care Insurance is intended to help in times when the unforeseen leaves you with less capacity to do these kinds of daily tasks on your own. It helps to reimburse the expenses you incur for covered long term care services.

Care at home and in the community.

The simple things may become challenging: getting out of bed, getting dressed each day, making a meal, even laundry or housecleaning. Long Term Care Insurance can help pay for caregivers and their training, as well as things like medical monitoring equipment, to make you feel better and safer at home. You may even be covered for some care you get from family and friends.

Care in Assisted Living Facilities.

Assisted living strikes a balance between independent living and access to personal care services in a community setting.

Care in a Nursing Home.

Nursing homes provide comfort knowing you have 24-hour access to skilled care, including medical services and monitoring of your needs.

What are misconceptions about Long Term Care services?

It won’t happen to me.

It’s hard to imagine ourselves in need of care. But we may be naïve to think this way. The causes for long term care needs aren’t that uncommon. Research shows 7 in 10 people age 65 or older will need long term care services at some point in their lifetimes¹. Not surprising when you think about it. But you should also give some thought to this: 40% of people receiving long term care are between 18 and 64 years old².

1. Kemper, Komisar and Alexcih 2005/2006: Long Term Care Over an Uncertain future: What Can Current Retirees Expect?, Health Policy Institute, Georgetown University.
2. National Clearinghouse Long Term Care Information-Own Your Future website. U.S. Department of health and Human Services, November 2007.

My other insurance will cover me.

Long Term Care needs may be something you’d associate with Disability or Health Insurance, but neither one is designed to cover what this insurance can cover. Generally, Disability Insurance replaces lost income to cover basic living expenses like rent, food and clothing. Health Insurance covers part of the costs for hospital stays, prescription drugs and doctor’s visits – but does not help with the daily needs that make up long term care.

The government will pay.

Many Americans think of government programs as a safety net, however these programs are limited in benefits and require those who participate to meet specific qualifications. This means two things; 1) you may not have control over the type or location of care you receive; 2) your savings and other property may stand in the way of your eligibility.

For example: Medicare generally offers very limited coverage and only for a short period of time. It is not designed to cover long term care and does not offer significant help with these expenses. Medicaid can pay for nursing home care and some other long term care, but requires that you have little or no income. In addition, in most states you must spend down all but about $2,000 of your assets in order to qualify.

Will I need long term care?

It’s difficult to predict what the future will bring. If you’re like most people, you plan to live a long life.

Consider this:

• Living a long life means you’ll get older, and the older you get, the more likely you’ll be to need assistance.

But, younger people can need help, too. Medical advances are saving the lives of people with catastrophic conditions like head injuries, heart attacks and strokes.

Consider this:

• The need for long term care services can arise at any age.

What does it cost?

Long term care typically involves one-on-one, customized care. And that can be expensive. Here are two things you should consider:

• The cost of long term care services today
• What those services may cost years from now

How will I pay?

There are three basic strategies you can use to pay for long term care services:

1. Purchase long term care insurance
2. Rely on the government
3. Pay for services yourself

Why should I plan?

You already may have allocated funds to pay for the things you want to do in retirement. But what have you set aside to pay for long term care expenses that may arise? Having a plan in place before the need for long term care arises can help you protect all the things that are important to you:

• Your finances
• Your family
• Your freedom

Are you ready to start planning?

Insurance services offered are not affiliated with, nor endorsed by LPL Financial