Long Term Care Insurance (LTCI)

LTC Carriers

What is Long Term Care Insurance?

Long Term Care is a type of care that is needed when a person needs help with basic, day to day living activities due to general aging or a health disorder, an accident, or a cognitive impairment due such as dementia or Alzheimer’s Disease.  This type of care is needed when one needs help with what are called activities of daily living, or ADL’s.  ADL’s include eating, bathing, dressing, toileting, walking/moving, and continence.  West Virginia has one of the highest percentages of retirees in the nation, so planning for how to pay for long term care is very important.

There are generally 3 ways to pay for Long Term Care

  • Cash out of your own pockt (Savings or Retirement assets)
  • Medicaid (only available after exhausting virtually all of your assets)
  • Long Term Care Insurance

Long Term Care Insurance, or LTCI, helps to pay for the high cost of long term care.

How much does it cost to receive Long Term Care Services and where are these services available?

Long Term Care itself can be very expensive.  In West Virginia, the average cost of long term care varies depending on the skill of the person providing the care and where that care is received.  Typically, the costs can run anywhere from $20,000-$80,000 per year.  Costs can vary depending on where a person receives care.  For most people, the ability to remain in one’s own home is very important and home health care is in high demand for this reason.  Assisted Living Facilities are also popular for people who want to be able to live in an apartment-style community while still having access to care.  A nursing home is also an option for those requiring extensive services.

What options should I focus on for my Long Term Care Insurance Policy?

Each policy we write is customized, but below is some basic advice for what we generally see.

  • Daily or Monthly Benefit Amount (typically a dollar amount ranging from $100-$300 per day or $3,000-$6,000 per month
  • Number of years the policy will pay (anywhere from 2 to 6 years, typically)
  • Elimination Period (similar to a deductible, 90 days is the most popular choice but 30, 180 and 365 day options are available)
  • Inflation Protection (very important to consider since care may not be received for decades)  Compound 3% and 5% available, as well as future purchase options without having to answer medical questions are also available
  • Optional “riders” such as Shared Pools of benefit $, waiver of premium if a spouse goes on claim, and $ for home modification or cash benefit options are popular as well

Types of Long Term Care Policies

  • Traditional LTCI Policies
  • Combination Life and Long Term Care Insurance Policies
  • Single-Premium LTC policies built on a permanent Life Insurance plan

What are the odds of needing Long Term Care?

It is estimated that an individual has a 70% chance of needing Long Term Care in his or her lifetime.

Studies reveal that if you are 60 years old you have more than a 60% chance of needing long term care. If you live to be 65 years old, your chances of needing care goes up to 70%.At Deacon & Deacon Insurance Agency, we realize how important it is to protect against the cost long term care insurance.  As with all of our lines of coverage, we represent many of what we consider to be the best carriers in the business.  There are different types of policies for different needs, and we understand the complex array of choices.  We represent top carrier such as Mass Mutual, Mutual of Omaha, Transamerica, and John Hancock.

LTC Carriers

There are many ways to pay for LTC, contact us for a no cost consultation to determine your specific exposure and potential funding sources today.


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