By Mark Woods, CFP^®, CLU^®, ChFC^®
Vice President, Insurance Planning Consultant
HilltopSecurities Insurance

Introduction
As we age, planning for the future becomes increasingly important. One aspect that often gets overlooked is long-term care insurance. With the rising costs of healthcare and the likelihood of needing long-term care services, it's crucial to understand why this type of insurance can be a valuable investment.

The Likelihood of Needing Long-Term Care
Statistics show that people turning age 65 today have almost a 70% chance of needing some type of long-term care services during their remaining lifetime¹. This means that the majority of us will require assistance with daily activities or medical care at some point in our lives.

The Cost of Long-Term Care
Chronic long-term care expenses can range from $60,000 to over $100,000 a year, depending on the level and amount of care needed. These costs can quickly deplete savings and assets, leaving individuals and families in financial distress. The physical, financial, and emotional costs placed on unpaid caregivers, often family members, should also be seriously considered in long-term care planning.

Limitations of Private Insurance and Government Programs
Private health insurance plans do not cover the costs of long-term care. Medicare coverage is limited. Under Part A, Medicare only pays for short-term stays in a skilled nursing facility, typically following an inpatient hospital stay. Medicaid is only for those with limited financial means, when assets have been spent down and when most income is going toward care expenses. Medicaid generally only pays for LTC expenses if care is received in a facility such as a nursing home, and the recipient’s choice of facility is limited. This leaves many individuals without adequate coverage, making it essential to consider additional insurance options.

Protecting Your Assets
Do you have assets that you don’t want to deplete or lose if you have an expensive chronic illness? Long-term care insurance can help protect your savings and investments, ensuring that you have the financial resources to cover the costs of care without sacrificing your financial security.

Conclusion
Long-term care insurance is an important consideration for anyone planning for their future. With the high likelihood of needing care and the substantial costs associated with it, having insurance can provide peace of mind and financial protection. Don't wait until it's too late—explore your options and make informed decisions about your long-term care needs.

Contact HilltopSecurities Insurance
Take the first step towards securing your future today. Contact me to discuss your long-term care insurance options and find a plan that fits your needs. Protect your assets and ensure you have the support you need when it matters most.

Mark Woods, CFP®, CLU®, ChFC®
HilltopSecurities Insurance
Vice President | Insurance Planning Consultant
717 N Harwood St, Suite 3400 | Dallas, TX 75201
direct: 214.859.1519 | work mobile: 972.587.7333
mark.woods@hilltopsecurities.com | HTSInsure.com

References
¹ How Much Care Will You Need? - ACL Administration for Community Living

The information contained within this document may change without notice and has been obtained from sources believed to be reliable, however accuracy is not guaranteed.