Long-term care insurance offers essential financial support and resources during the phase of life when assistance is most needed. With insurance individuals can receive the care they require without depleting their savings or risking their home.
PETALUMA, Calif., April 8, 2025 /PRNewswire-PRWeb/ -- 3 in 4 Americans Will Need Long-Term Care – Will You Be Prepared?
The national average cost of nursing home care exceeds $10,000 per month. On average, women require 3.6 years of care, while men need 2.5 years—amounting to an average of six years for couples. The question is: how will you pay for it?
"Long-term care insurance alleviates the heavy burden families face when a loved one requires extended care," says Michael McDonnell, a 20-year veteran insurance broker. "It offers peace of mind and financial stability during challenging times."
Options to Consider:
• Traditional Long-Term Care Insurance: Includes the state Partnership Program, which helps shield assets from Medicaid spend-down and estate recovery. Available in most states.
• Hybrid Life Insurance or Annuity: Combines long-term care benefits with a guaranteed payout, either use the policy for care or as an inheritance. Premiums can be paid using cash, qualified funds (e.g., IRA/401k) or an existing life insurance or annuity.
Key Insurance Benefits Include:
• Tax Advantages: Long-term care premiums are tax-deductible, and benefits received are tax-free.
• Cost Efficiency: Premiums are more affordable when purchased at a younger, healthier age. Waiting often results in higher costs or the inability to qualify for coverage.
Which Option Is Right for You?
Choosing the best option depends on factors such as health, wealth, and personal preferences. An insurance professional who understands these plans can guide you to make the right decision.
Plan for Tomorrow, Today
"How much notice do we get when our health changes?" McDonnell emphasizes. "It's essential to plan ahead and secure coverage while you're still eligible and premiums are affordable. Families that delay planning for long-term care often face limited choices, financial strain, and unnecessary stress."
For more information and insurance quotes visit https://guidetolongtermcare.com
Topics covered include: Partnership asset protection, self-insuring, hybrid life and annuity plans, women's risks, veterans' aid, and more.
Michael McDonnell
NPN 7595504
1-888-582-2464
https://guidetolongtermcare.com
Media Contact
Michael McDonnell, National LTC, 1 707-479-3259, [email protected], https://guidetolongtermcare.com
SOURCE National LTC
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