Long Term Care
Aligning Care and Costs Over the Long Term
Long Term Care

What buys peace of mind?

Unless enlightened by firsthand experience, many are unaware of how costly quality care-giving services are, and of how long the need for care could last. With increased longevity, long term care solutions aren’t just “nice to have” – they have become foundational to sound financial planning.

With millennials entering mid-career and the aging of the baby boomer generation, the demand for quality LTC services is projected to increase dramatically in the coming years. This “silver tsunami” of LTC is quickly demonstrating to all generations the importance of LTC. TBG West recommends that our clients use LTC insurance to fund this need.

Coverage Profiles: Gerald S.’s story

Gerald S., Attorney, age 62

“I’m the type who really values my ability to be self-sufficient – I like calling the shots. I’m also approaching retirement, and that’s reality. I had emergency surgery that forced me into a situation where I couldn’t take care of myself for months. I was grateful that I had a Long Term Care insurance policy, because it paid for a home health aide to come to my house 5 days a week. This alleviated obligations that would have otherwise needed to be filled by my family. If my wife had to watch over me all day, she wouldn’t be able to support both of us, let alone keep her regular work hours. So not only do I feel like I’ve protected my savings from costly care, I’ve also insured my family’s livelihood.”

Fast Facts: Long Term Care Insurance

What are some reasons to consider LTC?

  • Increase the likelihood that you will be able to execute your retirement plans and use your retirement assets as you intended.
  • Maintain greater control over where and how you receive care – avoid being limited by options available through Medicaid.
  • Increase the likelihood that all of your needs for assistance will be met.

What daily activities are covered?

Generally, if you cannot perform at least 2 of the 6 “activities of daily living” without standby or hands-on assistance, or if you experience a severe cognitive impairment.

What are the “activities of daily living”?

Eating, bathing, dressing, transferring, continence, and toileting.

Can premium rates increase over time?

All LTC policies carry the potential for rate increases, if warranted by claim experience and if approved by the governing state’s department of insurance. If your firm has an existing LTC plan which is undergoing a rate increase, TBG West has developed customized communications which augment the carrier’s off-the-shelf materials and help explain the value of the coverage.

Coverage Profiles: Anna W.’s story

Anna W., Accountant, age 38

“My mother-in-law moved in with us a few years ago after she took a serious fall and started having mobility issues. Over time, she needed more care than we could reasonably provide to her at home, and so my husband and I were faced with some painful choices, including whether to admit her to a nearby assisted living facility, at a cost of more than $4,000 per month. Buying long term care insurance coverage through my firm was a simple decision by comparison. Although LTC is something I hope to never use, I’m glad to have it. Knowing I or a loved one will be taken care of, if we lose the ability to take care of ourselves, really gives me peace of mind that I will not become a burden on anyone else.”

Continue a Conversation

TBG West has been administering LTC plans for nearly 20 years. Let’s talk today with your firm’s benefits team about your goals and how TBG West can improve outcomes.