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Tom Law

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Covering the Cost of Aging

The Benefits of Long-Term Care Insurance

Article by Maria Dinoia with Tom Law of HealthMarkets

Photography by Misty Westebee Photography

Originally published in Brentwood Lifestyle

Ensuring the quality of long, healthy lives is not always easy. In fact, according to, about 70% of individuals over 65 years old will require at least some type of long-term care services during their lifetime. Individuals who require long-term care are not always "sick" in the traditional sense but are unable to perform two of the six activities of daily living, such as dressing, bathing, eating, toileting and continence or walking or transferring in and out of a bed or chair.

Long-Term Care Insurance (LTCI) plans are both about preserving one’s lifestyle and deciding how long-term health care needs will be met as they arise. Purchasing an LTCI policy can:

Benefit #1
Preserve savings and assets for family and friends.

Benefit #2

Help maintain one’s financial independence from family and friends.

Benefit #3

Relieve family and friends of care-giving tasks, as paying for professional care becomes an affordable option.

Benefit #4

Allow a loved one to choose where he receives care: in a nursing home, in the community, at home or in an assisted living facility. If Medicaid pays for care, a nursing home is the only option. 

Benefit #5
Expand the range of services a loved one receives, including care from visiting nurses, home health aides and friendly visitors programs; home-delivered meals and chore services; and time in adult day care centers and respite services for caregivers.

The benefits a loved one receives from a LTCI policy also depends on the plan type purchased. It’s not a cookie-cutter policy. Educate yourself to make a good, informed decision. Know what you want, get what you pay for, and ensure it covers everything you want. Many individuals are now going with life insurance plans that include a LTC rider with the plan, making it more affordable to have both.

  • Tom Law