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Are You Prepared for the Need for Long Term Care?

Today’s seniors are living longer than ever before, maintaining a great quality of life longer than they ever anticipated. Unfortunately, the high quality of medical care currently available also means that, towards the end of their lives, many seniors require long term care options like nursing homes, in-home care, or assisted living facilities in order to maintain the quality of life they’ve come to expect. You can expect to live longer and require that type of care at the end of your life – so it only makes sense to have plans in place to pay for that care.

If you assume that you will experience a need for long term care at the end of your life you have several options to ensure that you can pay for it. First, you can create a solid savings account and long-term income that will help you make it through the end of your life without experiencing expenses that you can’t handle. When you realize that long term care facilities could potentially cost $80,000 or more per year and that you may end up needing long-term care for several years, that’s a substantial savings account that you’ll have to create. If that isn’t feasible you still have options that could help pay for long-term care.

Add a Long-Term Care Rider to Your Life Insurance Policy1

These policies can provide for your long-term care needs and ensure that neither you or your family will have to come up with the money for your long-term care expenses. If you don’t up needing long-term care, many of these policies can be written so that they will pay out as a death benefit for your dependents. You can also take out a combination policy that is specifically designed both for death benefits and for long term care if needed.

Take Out a Long-Term Care Policy1

A specific policy that is designed to take care of your long-term care needs will ensure that all your needs are covered if you require long-term care at the end of your life. Women, in particular, often live longer and spend more time in assisted living facilities or nursing homes. A long-term care policy will ensure that you have all the funds you need for this type of care.

Your long-term care policy could man peace of mind at the end of your life. A policy with simplified underwriting could make it easier to get the type of policy you need, while a combination policy that provides a death benefit to your dependents ensures that your efforts won’t be in vain even if you don’t need long-term care at the end of your life. You’ll appreciate a number of the key benefits of that peace of mind, including:

  • The ability to choose your nursing home or assisted living facility based on the factors that matter to you, rather than being restricted by facilities that take Medicaid or other insurance options.
  • The knowledge that you won’t “run out” of money before you run out of the need for long-term care.
  • The confidence that your dependents won’t end up picking up expensive bills at the end of your life because of potential depleted savings.
  • The knowledge that your dependents can still receive death benefits at the end of your life that could help pay for your final expenses.

Today’s long-term planning needs to include the potential need for long-term care. If you want the confidence that your future is secured even if you happen to outlive your original estimates, contact Simplicity Life today to learn how we can help you prepare for those critical final years of your life. 800.921.3100.


The Economic Security of American Households,

Costs of Care,

1This is not a comprehensive review of all features and benefits. All the material details of this product should be reviewed prior to making a purchase decision.








The information contained herein is for general information purposes only. Simplicity Life is not to be held responsible for the accuracy of this information. Neither Simplicity Life nor its employees provide tax or legal advice. As with all matters of a tax or legal nature, your clients should consult their own tax or legal counsel for advice. Any taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax adviser.

The information, statistics, and opinions reported herein are from sources believed to be reliable. However, Simplicity Life and the author of this blog do not guarantee the truth, accuracy, and reliability of any source, fact and/or statistic cited and no do necessarily agree with any opinions expressed by such sources.

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