Long Term Care
Nursing Home Cost Protection
In today’s insurance landscape, Long Term Care Insurance has become an important tool for protecting employees and their spouses from the financial burden associated with nursing home care, skilled care, or home health services.
Professional Benefit Solutions recognizes that 70 percent of Americans will need some form of long-term care in their lifetimes. While Medicare covers a 90-day stay in a long-term care facility, the average stay today is approximately 865 days, with costs ranging from $200 to $300 per day — far beyond what most individuals can cover out of personal savings.
For human resource directors and businesses that have offered Long Term Care Insurance as an optional benefit, it may have once seemed like a policy employees would purchase one year and let lapse the next. Today, however, it is rare for employees to discontinue these policies, reflecting the growing recognition of their value in protecting personal finances and family security.
Traditional Policy
Many people have held or may currently have a Long Term Care Insurance policy purchased to offset the costs of a lengthy stay. These policies were often offered as an inexpensive, optional benefit from an employer. If you have one of these policies, it is important to keep it current — even if premiums have increased. Because you purchased the policy in the past, your rates are likely well below what it would cost to replace it today.
However, many of the policies we review do not provide sufficient coverage to meet the costs of today’s long-term care or may not cover enough days to meet average needs.
The good news is that Professional Benefit Solutions can often identify additional policies to supplement your existing coverage, ensuring you are adequately protected if care is needed.
For those without current coverage, Professional Benefit Solutions can help find policies that provide peace of mind and financial security, helping employees and their families manage the costs of long-term care.
Life Insurance Combos
A newer model of Long Term Care policies combines the benefit with a Whole Life Insurance policy. The advantage of this approach is that neither you nor your beneficiaries lose out. You have Long Term Care coverage if you need services, and your family receives a life insurance payout if you never require long-term or home health care.
These policies are often most advantageous when purchased at a younger age, allowing more years to pay into the plan. For some retirees, this combined Long Term Care and Life Insurance option can provide financial security — ensuring benefits are available if needed while leaving a cash legacy for family members if the services are not used.
Our Customers
“I went straight to the boss when Professional Benefit Solutions showed me the statistics on Nursing Home care. I had no idea that a year of being in a nursing home costs more between $73,000 and $110,000 in Tennessee. And I did not know that the average time in a nursing home is more than 3 years. They explained to me that today’s strategies to pay for Long Term Care begin when you are young and that it involves a type of policy that will behave like whole life insurance if you never use long term care, but will pay pretty much like a traditional LTC policy if you need nursing home, home health or long term care options.
Going into skilled care shouldn’t bankrupt a family and my boss agreed. Professional Benefit Solutions is doing presentations to explain how these policies work so that our employees can buy this if they want it.”
– Mary Anne, HR Manager
Nursing Homes
Covering the Cost of a Nursing Home! If you are over the age of 65, congratulations! You made it to Medicare coverage! And Professional Benefit Solutions can help you with all your questions about signing up for your coverage, but while we are meeting, we really need to discuss Long Term Care coverage. If you are 65,...