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Long Term Care Insurance

There's so much you want to do in life - retire comfortably, maintain your independence, spend time with family and friends.  But realizing your goals requires proactive planning, including taking into account how the need for long-term care may impact your financial security, your lifestyle, and your family's well being.

Long-term care (LTC) insurance is important coverage that provides valuable support and financial resources that help cover the cost of long-term care you might need in the event of an illness, accident, or through the normal effects of aging.  By helping to protect your assets, and giving you choice and control over where you receive care—including in your home—LTC insurance helps you and your family face the future with confidence.

Did you know that:

  • At least 70% of people over age 65 will require some long-term care services at some point.1
  • Of those who have long-term care needs, 41% are under age 65.2

Women especially need to think about long-term care, because women are more likely to reach an age where long-term care is needed.   

  • The percentge of nursing home residents that are women is 70%.3
  • The percentge of women who are the likely primary caregiver for parents at home is 70%.3

The average monthly costs of care in Massachusetts4 for 2013 were as follows:

  • Nursing Home Costs - Private Room - $12,258
  • Assisted Living Facility Costs - Private Room - $4,130
  • Home Health Aid Costs - $4,745
  • Adult Day Care Costs - $1,473
John Hancock

We offer Long Term Care Insurance to our Massachusetts clients through John Hancock Life Insurance Company, a leader in the industry. John Hancock currently offers the Custom Care III product policy, which offers a broad set of built-in benefits and optional features that enable you to build a policy to suit your specific needs and budget.

A long-term care insurance policy helps protect your assets by providing you with a pool of money to help cover the cost of care.   You have the ability to choose where to receive care.  You can take comfort in knowing that the policy covers care in a wide range of settings, such as Adult Day Care, Home Health Care, Assisted Living Facilities, Nursing Homes, and Hospice Care.   And most importantly, having a policy may reduce the burden of care that may often fall on family members.

To learn more, click the following links:

John Hancock Custom Care III featuring Benefit Builder

Massachusetts Long Term Care Buyers Guide, Jan 2009


To visit other content related pages on our website, please click the following links:

Our Services: Investments

Professional Money Management

Investing for Retirees

Women Investors

Divorce & QDROS







Sources:

  1. U.S. Department of Health and Human Services, National Clearinghouse for Long-Term Care Information, www.longtermcare.gov, September 2008.
  2. Georgetown University Long-Term Care Financing Project, "Long-Term Care Financing Policy Options for the Future," June 2007.
  3. AAPR Public Policy Institute "Fact Sheet: Women & Long Term Care" April 2007
  4. John Hancock's Cost of Care Study, conducted by LifePlans, Inc., 2013