Janine Tate, CLTC

Anyone who wants to protect their income and savings while avoiding burdening family members with caregiving responsibilities – especially those aged 50 and older.

Generally, the best time to buy is in your 50s, or early 60s, while you’re still pretty healthy. Premiums are typically lower and approval is more likely at younger ages.

Many of our very own LTC Specialists purchased their own LTC plans when they were in their 40’s because they know for every 10 years you wait to lock in your plan, the premiums can easily be double or more so it doesn’t pay to wait.

Coverage typically includes:

• In-home care
• Assisted living facility
• Nursing home care
• Memory care (for Alzheimer’s/dementia)
• Adult day care services

Most policies outline the following explanation for triggering benefits or use the terminology ‘when you need substantial assistance’:

• You need help with 2 or more Activities of Daily Living (ADLs), such as bathing or dressing
• Or you have a cognitive impairment, like Alzheimer’s disease

Yes, called an elimination period (typically 30, 60, or 90 days), during which you must pay out of pocket before the policy starts covering care. Some plans have an option to start In-home care without an elimination period.

Costs vary based on:

• Your age and health
• Coverage amount and benefit period
• Optional riders (e.g., inflation protection)

As a ballpark, a 55-year-old might pay $2,000–$3,000/year.

Premiums are not guaranteed and can increase, but rate hikes must be approved by state regulators and apply to a group of policyholders, not individuals.

With traditional policies, there’s no payout if you don’t use it. However, hybrid life/LTC policies may return a death benefit or cash value if care is not needed.

Possibly. Each company has its own underwriting rules. Some health conditions may result in denial, while others might still qualify you with higher premiums.