Less than 1/3 of Americans 50+ have begun saving for long-term care.  It can be expensive and may endanger your retirement and other savings.*

Someone turning age 65 today has almost a 70% chance of needing some type of long term care services and support in their remaining years.  Women need care longer (3.7 years) than men (2.2 years).*
 
LTC Insurance provides for the cost a variety of services to help meet both the medical and non-medical needs of individuals with a chronic illness or disability. Affected individuals cannot care for themselves for long periods of time. Typically, Long-Term Care insurance covers care generally not covered by health insurance, Medicare, or Medicaid.

Individuals who require long-term care are generally not sick in the traditional sense, but instead, are unable to perform the basic Activities of Daily Living (ADLs) such as dressing, bathing, eating, using the bathroom, continence, getting in and out of a bed/chair and walking. Increasingly, LTC involves providing a level of medical care that requires the expertise of skilled practitioners to address the often multiple chronic conditions that may exist.

Many states have a Partnership program for Long-Term Care Insurance. A Partnership Long-Term Care Insurance program allows individuals to protect some of their assets from Medicaid/Medical spend down requirements (i.e., the requirement that Medicaid recipients be legally destitute before receiving benefits). Partnership qualified policies must meet special stipulations and typically differ from state to state.

As part of our planning process, we routinely discuss your plans for the last years of your life.

* www.acl.gov/ltc     Administration for Community Living last modified on 2/18/20

Insurance products are offered through nonbank insurance agency affiliates of Wells Fargo & Company and are underwritten by unaffiliated insurance companies.