Primerica - Long Term Care Insurance

Long Term Care Insurance

Primerica wants to help your family be prepared for financial challenges today and tomorrow.

Long term care insurance (LTCI) is a solution we offer to help protect families against the potential devastating costs of long term care. Primerica offers LTCI coverage underwritten by Genworth Financial, a long-time and respected long term care insurance provider.

Who Needs Long Term Care Insurance?

Chances are you'll either have a loved one who needs long term care or you will need long term care – perhaps both.

70% of people aged 65 or more stand a chance of needing long term care somewhere along the way.
40% of people currently receiving long term care are adults aged 18-64 years old.
50% of the entire population will require long term care sometime over their course of their lives.

Long Term Care Myths and Realities

Myth: Most people will never use long term care insurance.

Reality: About 70% of seniors will eventually need some form of long term care.

Myth: Medicare or Medicaid will cover my long term care expenses.

Reality: Medicare typically only covers post-hospital, short-term rehabilitative care and short nursing home visits. That leaves Medicaid to pick up the rest. However, in order to qualify for Medicaid, you have to spend your assets until you reach your state’s poverty level.

Myth: Long term care insurance is too expensive.

Reality: A 40-year old healthy couple can get meaningful coverage for around $50 a month per person.

Myth: Savers can “self-insure” when they are older.

Reality: The national annual median cost of care for private room nursing home care is $77,745 a year. But costs can vary widely by area and can run as high as $202,210 a year.*

When to Buy?

Everybody's needs and situations are different but there are some general items to consider. Long term care policies cost less when you are young and healthy. If you develop any serious health issues, you may become uninsurable. The best action is to call your Primerica representative today.

*Genworth 2011 Cost of Care Survey.
**Not available in Canada.

Please see important disclosures.