Long-Term Planning
Our faith-based approach helps you prepare now—protecting your finances and preserving dignity in a time of need
Protect what matters most
With long-term care insurance, you can protect a portion of your assets so you can use them as planned.
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At home: Most people prefer to remain in their homes as long as possible. Long-term care insurance can help you pay for services you receive in the comfort of your own home.
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In a care facility: Sometimes, more care is needed than you can get at home. A long-term care insurance policy also helps you pay for care provided in an assisted living facility or nursing home.
A life well lived starts here
At GiveLife, we believe life is a sacred gift—and so is the opportunity to care for those the Lord has placed in our lives. Whether you’re planning for today or preparing for tomorrow, we offer faith-centered life solutions to help you steward God’s blessings with wisdom and purpose. Download our LTC Planning Guide to learn more.
Why would you ever need long-term care?
Long-term care (LTC) is for help with things you do every day (like getting out of bed or wheelchair, cooking, eating, toileting or getting dressed) that you can’t do because of a health issue. Long-term care needs typically arise from frailty due to advanced aging, a debilitating injury, a progressive illness, a severe cognitive impairment and event combination of chronic conditions that degrade a person's health.
But LTC may cost you a small fortune. A home health aide alone may run you $30,000+ a year. Before you think your savings, general health insurance or even Medicare or Medicaid will cover your LTC needs, contact a GiveLife Life Solutions Advisor to see if you have any gaps in your strategy and how a long-term care product can help fill them.
Looking for guidance with long-term care options?
Get in Touch
Let GiveLife help guide your plans with peace, honor your values, and prepare for life’s most important moments. Contact us today to schedule a free consultation.
Who needs Long-Term Care?
With Americans living longer than ever, most of us will need some extra help with everyday activities as we age.2 The benefits of long-term care insurance go beyond what your health insurance may cover by reimbursing you for services needed to help you maintain your lifestyle if age, injury, illness, or a cognitive impairment makes it challenging for you to take care of yourself.
Long-term care may benefit:
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Families who want to help protect their loved ones, lifestyle, and assets
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Retirees and pre-retirees who have a desire to preserve the wealth they have worked so hard to save
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Individuals who may not have someone to care for them or significant assets to pay for these costs
A long-term insurance policy from GiveLife can help cover expenses related to:
Out-of-pocket
Out-of-pocket payments for things like assisted living or nursing care
In-home modifications
In-home modifications such as wheelchair ramps or bars
Nurses & assisted services
Nurses or services assisting with day-to-day activities related to in-home care
The national average cost for a private room in a nursing home is more than $113,000 per year. Most people simply can't afford to pay that out of their own pockets. And, like everything from gas to groceries, the cost of LTC services continues to rise.
FAQ
Frequently asked questions about long-term care
Long-term care services may not be covered by health insurance or Medicare, leaving individuals responsible for their own care in the event of a chronic illness or disability. To address this, today’s LTC insurance focuses on how to help individuals age in place. Here are common questions about long-term care insurance to help individuals decide if it's the right choice for them.
Long-term care insurance can be a valuable investment for an aging population that is living longer than ever. With statistics indicating that 69% of people will use long-term care services at some point, it's important to understand why long-term care insurance is worth it. It’s also worth noting that care won’t come cheap: long-term care costs average at $61,936 per year for home health care and $113,530 per year for a private room in a nursing home.² Long-term care insurance can:
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Protect your assets: Many states have long-term care partnership programs to help protect assets as an incentive to purchase a traditional long-term care plan.
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Take pressure off your family: Becoming a caregiver is physically, emotionally and often financially burdensome. Many people are not able or willing to make such a huge sacrifice. This is especially true when the caregiver is a spouse or partner also facing their own aging health issues.
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Give you care options: Long-term care insurance gives you flexible options when it comes to deciding where to receive care.
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May even come with life insurance protection: Today, many long-term care insurance policies are hybrid policies that bundle long-term care coverage with life insurance coverage (or an annuity).
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Puts you in control and gives you peace of mind: With many companies, your family will have access to professional care coordination, which can help you with a better understanding of the necessary equipment or home modifications to be able to maintain living at home. They can help provide training for family members or help you find providers if needed.
Some states have long-term care partnership programs that help protect assets that are tied to some traditional long-term care policies. Public health programs such as Medicare and Medicaid only cover a limited amount of long-term care expenses, and private health insurance is not a reliable option either. With the help of a licensed agent, individuals can find the right long-term care insurance policy that works within their budget and may even be eligible for tax deductions.
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Long-term care insurance may be worth considering, as 69% of people are likely to require long-term care services at some point in their lives¹. The average person needs long-term care for three years, with women needing care for 3.7 years and men needing it for 2.2 years. Costs for long-term care services are high and can vary depending on location and the type of care required. The national average cost of care for a private room in a nursing home is $113,530, while a year of home health care would cost you $61,9362.
Medicare and Medicaid do not cover all long-term care expenses, and relying on family members for care can be emotionally and financially stressful. Medicare only covers nursing home care for a maximum of 100 days. It only covers other long-term care expenses like skilled home health care for a short period of time, while non-skilled assistance with activities of daily living like bathing and eating are not covered at all. Meanwhile, Medicaid only kicks in after you spend down most of your own savings. Relying on family members for care also has pitfalls since it can take a severe emotional and financial toll on them.
Long-term care insurance can protect savings and assets while also sparing family members from stress. Working with a licensed agent can help you find the right long-term care insurance option within your budget, and premiums may be deductible on federal and state taxes.
When it comes to long-term care coverage there are three main options:
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Traditional long-term care insurance exclusively covers long-term care expenses in your home or a facility, and inflation protection is available.
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Hybrid long-term care insurance - pair long-term care with life insurance or an annuity. These types of policies provide coverage for both extended care in your home or a facility, along with a death benefit. While a great solution for some, they can be more costly upfront. These products can offer inflation protection.
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Life insurance with a long-term care rider – some life insurance policies let you add a long-term care rider, which lets you use some of the life insurance policy’s death benefit to pay for long-term care needs while you’re still alive. These policies do not typically include inflation protection.
The best policy for an individual depends on their goals and circumstances, such as how they want to pay their premiums, whether they want the option of locking in their premium, their health status, and tax advantages. A licensed insurance professional can help you find the right long-term care insurance policy for your needs and budget.
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Long-term care insurance covers a range of care services provided in either a home or a specialized facility. It can include:
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Home health care: skilled in-home nursing care; occupational, speech, physical, and rehabilitation therapy; and help with activities of daily living like bathing and eating. On occasion, some policies may also include homemaker services like meal preparation and house cleaning services.
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Respite care: temporary care at home, adult day care or nursing home. This type of care is meant to relieve a primary caregiver of responsibilities for a span of a few weeks per year.
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Adult day care centers
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Assisted living facilities
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Nursing homes
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Alzheimer’s special care facilities
A few policies also cover short-term hospice care. Long-term care insurance does not usually cover care by family members, and it does not cover medical care costs, which are typically covered by private health insurance and/or Medicare.
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The Basics
Who needs long-term care and how much?
What is long-term care insurance?
You’ve worked hard to make sure that you have the financial security you want for you and your family. And, you’ve tried to prepare for the surprises that life may bring in the future. But even the most well-thought-out strategy may not be enough to prepare you for the unexpected costs associated with long-term care.
Long-term care insurance pays for long-term care in places like a nursing home, an assisted living facility, or at home. Many people purchase it to protect their own savings and assets and remain independent in the event they ever need long-term care. This type of insurance is medically underwritten. This means you must answer questions about your health to determine if you're approved for coverage. Once you have coverage and meet certain benefit triggers, then you're eligible to receive the benefits of your plan. Typically, you must satisfy a waiting period before the insurance company will begin paying your benefits. The waiting period is similar to a deductible for other types of insurance.