Long Term Care Insurance

Long term care insurance (LTCi) and disability insurance (DI) both help you protect your assets, but they serve different purposes.

Disability insurance replaces a portion of your income lost due to an inability to perform your job.  The qualifying disability may be job or task specific (unable to perform your particular job) or general (unable to perform any job).

The younger you are, the healthier you are, the lower the cost. Keep in mind that the cost of long term care insurance (LTCi) coverage will increase as the you age.

Baygroup Insurance has over 40 years of combined experience in the Long-Term Care insurance (LTCi), life, disability, and health insurance markets.  Baygroup Insurance is a brokerage, which means they offer a selection of top insurance carriers to choose from.  They have sold over xxx LTCi policies.

As with any significant purchase, doing your research and homework is the key to buying a plan that fits your needs now and in the future.  Consider the following:

1.  Where do I want to live as I age? - (At home, assisted living, geographically)

2.  What plan options are important to me? -(Number of years, survivorship for couples, shared benefits for couples, coverage, elimination period, inflation)

3.  What is the financial strength of the carrier? - (The likelihood that they will be in business when I need my policy)

Insurance companies reserve the right to increase premiums through the life of the policy, depending on the overall claim costs, investment earnings and persistency of policies remaining in force. State Insurance Departments must approve all rate increases in respective states.

Medicare and Major Medical health insurance in general pays for hospital and doctor bills, for acute care or conditions and the recovery period.  Health policies do not pay for custodial or personal care.

The more pertinent question is can I afford not to have long term care insurance (LTCi)? 

We purchase life insurance, car insurance, and health insurance and hope we never need to file a claim, but we own these policies because we think "what if we do need to file a claim?"  The impact of not having these insurances can be devastating to a families financial health and well being.  

The daily or monthly benefit that the policy would pay for long term care expenses vs the amount you would pay out-of-pocket.  The elimination period (or deductible) - how long you would pay for long term care services before the policy would pay and inflation rider, if appropriate.  Other riders can enhance the benefits when on claim, such as survivorship, shared care, waiver of elimination period. You can find definitions in our glossary.

Long term care insurance (LTCi) will cover in-home care, assisted living, adult day care, and nursing home needs.