Mr. Long Term Care
I can safely say that the purchase of my LTC insurance was the wisest and most forward-thinking, financial decision of my life. - Mr. LTC

Do your know someone who required or will soon require long term care?
"After age 65, Americans have more than a 70% chance of needing some form of long-term care."
-American Society on Aging

"An estimated 12.1 million Americans need assistance from others to carry out everyday activities."
- As noted on Caregiver.org

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Frequently Asked Questions


Why should I apply for long term care insurance?

Eventually, the majority of us reach a point in our lives where we are no longer able to take care of ourselves. Whether the cause is from an accident, onset of an illness such as Parkinson's disease or stroke, or age, more than likely there will be a time where we will need extended long term care. Americans over the age of 65 face a 40% risk of entering a nursing home for Long Term Care services. A year in a nursing home now averages more than $40,000 and can exceed $100,000 annually in some parts of the country."
- The Wall Street Journal 3/31/99

Premiums for long term care insurance rise with age. Also, your health plays a factor in your premium. If you wait to long before applying for long term care insurance your age and health may make it very expensive or even impossible to qualify for a policy.

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Is long-term care insurance a "bad investment?"

Answer provided by MR.LTC

I purchased a Lifetime Benefit long-term care policy at the age of 42. Premiums are less than $1,000/yr. This year, at age 51, I went into claim to reimburse expenses associated with Early-Onset Parkinson's Disease. Assuming I live until my life expectancy (not uncommon with PD), and my policy pays its maximum benefit schedule, here's the final tabulation:

I will have paid less than $9,000 in premium and received more than $2,190,000 in reimbursed expenses.

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What is the average daily benefit?

This is the rate determined by your policy provider which will cover your daily benefits. On average they range from $130 to $200 daily depending on your location. View Your State's Average Daily Benefit.

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How is the average daily benefit calculated?

This is calculated by your provider.

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Where can I go for further information?

LTCinsurance.com -Top resource for unbiased professional advice about long term care insurance. This site offers a Free Insider's Guide, Free Instant Quotes, Learning Center, Discussion Board, and much more. Learn the benefits of long term care insurance today.

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What is the average assisted living facility cost yearly?

Assisted living facilities can cost upwards of $100,000 a year with rates expected to continue to rise as the baby-boomer population reaches retirement age.

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What is the best long term insurance company?

When choosing a long term care insurance company, there are a few characteristics that you should consider. Knowledge is as they say power. Get to know your potential provider.

The first is the financial stability of the company. You may not begin to collect benefits for 10 or 20 years. Be sure to find a company that you expect to be around when your benefit collection period begins.

Secondly, consider the stability of their premiums. Companies have the right to raise premiums at anytime. Be sure to research the premium rate history of the company and be cautious of companies whose policies are far below their competitors.

The third and maybe most important characteristic are claims. Ask your agent the percentage of claims paid versus the amount of claims filed.

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What are ADLs?

The basic activities and functions performed on a daily basis that are usually done without assistance. The six ADLs are:

  • Eating
  • Dressing
  • Bathing
  • Toileting
  • Transferring
  • Continence

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How is long term care considered by the IRS?

LTC is considered a medical expense by the IRS.

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Are long term care insurance expenses deductible?

According to the tax code, for people who itemize tax deductions, medical expenses are deductible if they exceed 7.5% of adjusted gross income (AGI). For an individual, the portion of the LTC insurance premium that is deductible is determined by the age of the insured. However, if you are purchasing this for a parent and you are not considered a dependent, you are not entitled to a medical expense deduction.

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How are benefits from the policy treated by the IRS?

For individuals, these benefits are generally not taxable. Back to top

Why choose long term care insurance over Medicaid?

Many planners refer to Long Term Care insurance as "asset protection". Medicaid eventually pays for Long Term Care services once an individual becomes impoverished. If you are able to pay Long Term Care insurance premiums without having to change your lifestyle, you should transfer that risk to the insurance company.

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