Long-Term Care Insurance
Western Wind Insurance & Investments
is here to help you understand your long-term care options so you can plan confidently for the future.
Plan Ahead for the Care You May Need Later
Long-term care (LTC) insurance helps cover the cost of care when you aren’t able to manage daily activities like bathing, dressing, or eating on your own — whether due to aging, illness, or injury. It can help pay for services that aren’t typically covered by Medicare or traditional health insurance, including in-home care and assisted living or nursing facilities.
With healthcare costs rising, this coverage can protect your savings and give your family more choices about how and where you receive care.
Why Long-Term Care Insurance Matters
The average cost for a room in a skilled nursing facility exceeds $100,000 per year — and these costs are rising rapidly. Many people assume Medicare or traditional health insurance will cover long-term care, but coverage is usually very limited. That means most of those expenses would fall on you or your family. Without insurance, your retirement savings and other assets could be depleted within just a few years.
Having long-term care coverage helps you:
- Avoid relying entirely on your children or loved ones for caregiving
- Protect your retirement savings and assets
- Have more control over your care decisions
- Reduce emotional and financial stress on your family
- Plan for the reality that nearly 70% of people turning 65 will need long-term care at some point, with 20% needing it for longer than five years
The earlier you buy coverage — ideally while you're younger and healthier — the more affordable it may be.
What Long-Term Care Insurance Covers
Policies vary, but most long-term care insurance plans include:
- Home care services by a licensed care provider
- Assisted living facilities
- Skilled nursing facility stays
- Memory care for Alzheimer’s or dementia
- Respite care, caregiver training, or care coordination
Policies typically reimburse you for services up to a daily or monthly benefit limit, after a short waiting period. Many also offer inflation protection, so your benefits can keep pace with rising care costs. Note that location matters; the cost of care can vary widely depending on where you live or plan to retire. We’ll help you estimate the coverage amount that fits your needs and region.
Long-Term Care Insurance FAQ
When should I buy long-term care insurance?
It’s often best to buy in your 50s or early 60s, before health issues develop and while premiums are more affordable.
What if I never need long-term care?
Some policies now include shared benefits, return-of-premium options, or can be combined with life insurance so the money isn't wasted.
Do Medicare and Medicaid pay for long-term care?
Medicare only covers limited short-term care. Medicaid may help, but only after you’ve spent down most of your savings and meet strict eligibility rules.
How much coverage do I need?
When it comes to long-term care needs, there truly isn’t a one-size-fits-all approach. It depends on where you live, how long you may need care, and your financial goals. We’ll help you make an informed estimate. It can help to consider these statistics:
- Someone turning 65 today has a roughly 70% chance of needing some type of long-term care services in their remaining years.
- Women tend to need care longer (3.7 years) than men (2.2 years).
- Of today’s 65 year-olds, 20% are likely to need long-term care for over 5 years.
Can my spouse and I get coverage together?
Yes, many couples purchase joint policies or linked benefits to protect each other and potentially save on premiums.