Long Term Care Insurance for Seniors
Long Term Care Insurance for Seniors
As people live longer, planning for future healthcare needs becomes essential. One of the biggest risks we face in retirement is the cost of long-term care insurance for seniors—whether in a nursing home, assisted living facility, or through in-home care. Without protection, these costs can quickly drain savings, strain family finances, and leave loved ones responsible for caregiving. That’s where long-term care insurance comes in.
At Diversified Insurance Brokers, we help seniors and their families understand their options, compare policies, and find solutions tailored to their needs. With access to 100+ carriers and decades of expertise, we guide you in choosing coverage that balances affordability with protection for your retirement lifestyle.
Why Seniors Need Long Term Care Insurance
Healthcare costs in retirement are rising, and traditional Medicare does not cover extended long-term care. Here’s why coverage is essential:
- Protect Your Retirement Savings: A single year in a nursing home can exceed $90,000. Insurance shields your nest egg.
- Relieve Family Burden: Loved ones won’t have to take on caregiving or financial responsibility.
- Flexible Care Options: Policies can cover in-home care, adult day care, assisted living, and full nursing facilities.
- Maintain Independence: Choose the type of care you prefer, without being limited by budget.
What Long Term Care Insurance Covers
Most policies pay for services when a policyholder cannot perform a certain number of “activities of daily living” (ADLs), such as bathing, dressing, or eating. Coverage typically includes:
- Skilled nursing care
- Assisted living facilities
- Home health aides and caregivers
- Respite care for family members
- Hospice and end-of-life support
Who Should Consider It?
Long-term care insurance is a strong fit for seniors who:
- Want to protect their retirement income and assets
- Are concerned about leaving a financial burden on their family
- Prefer the flexibility of choosing care options
- Understand the high cost of healthcare and want a plan in place
How Much Coverage Do You Need?
The right policy depends on your age, health, budget, and long-term goals. Some people opt for traditional policies, while others choose hybrid life insurance with long-term care riders. Our advisors compare multiple carriers to ensure you get the right balance of premium and protection.
Plan Ahead with Long Term Care Insurance
Protect your future, your independence, and your family’s financial well-being with the right coverage.
Learn More About Long Term Care Insurance
Questions? Call 800-533-5969
FAQs: Long Term Care Insurance for Seniors
What does long-term care insurance cover?
Typically, it covers help with daily living activities (ADLs) such as bathing, dressing, eating, toileting, transferring, and sometimes continence. Also covers care in settings like home health, assisted living, adult day care, and skilled nursing facilities.
When is the right time for a senior to buy long-term care insurance?
Earlier is often better. Seniors in their late 50s or 60s generally get better premiums. Waiting until you have health issues may limit options or lead to higher costs, or you may be declined.
Will my health affect getting coverage?
Yes. Insurers will assess your current health, existing chronic conditions, cognitive status, and functional ability. Some senior applicants may need medical exams or provide medical records. Poor health can mean higher premiums, limited options, or exclusions.
How do premiums change as I get older?
Premiums generally increase with age. Also, older age at purchase usually means higher cost for the same benefit amount and waiting periods. Some policies have guaranteed premiums; others may increase under certain conditions.
What are elimination periods (waiting periods)?
An elimination period is how long you must wait after meeting the policy’s trigger before benefits begin (e.g. 30, 60, 90 days). Longer elimination periods lower premiums, shorter periods raise them.
Does long-term care insurance cover memory care or dementia?
Often yes, if the policy includes cognitive impairment or memory loss as a trigger. However, policies vary greatly in what memory care services are covered, for how long, and under what circumstances.
What about inflation protection?
Inflation protection helps make sure the policy’s benefit keeps pace with rising care costs. It will increase premium cost. Seniors should strongly consider it, especially if purchasing in their 60s or 70s.
Are there shared or family discounts?
Some insurers offer spousal or couple discounts if both partners purchase LTC, or shared benefit pools. These can help reduce cost per individual or provide more flexible benefit usage.
What is a hybrid LTC policy?
Hybrid policies combine LTC coverage with life insurance or annuities. They often guarantee that if LTC isn’t used, there’s a death benefit, or that premiums are returned under certain conditions. These tend to cost more up front but provide dual benefits.
What are the trade-offs or things to watch out for?
Watch for premium inflation (costs rising over time), policy definitions (what counts as needing care), caps/maximum benefits, whether the policy is non-cancelable or guaranteed renewable, and whether the insurer has strong financial ratings. Also check whether benefits are enough given your local care costs.
