Jodi,
Good news. Your long-term care (LTC) insurance quotes are ready.
👀 First-look quotes
Here are quotes for three policies with increasing monthly costs. Each includes 3% annual growth to keep pace with rising LTC costs. Coverage starts immediately and lasts for life. Once care begins, benefits continue for a set number of years. All policies cover home care, assisted living, memory care, nursing care, and more.
🧐 My notes
Based on your feedback of 'No' to longer coverage for memory-care and 'No' to a refund, I’ve shown the following options.
- Base: A simple, no-refund option with annual payments until care is needed. It’s your most budget-friendly policy.
- Plus: A similar no-refund policy, but with payments completed over 10 years instead of continuing for life.
- Cadillac: For comparison, this provides longer-lasting benefits, ideal for extended care needs like Alzheimer’s.
I used Thrivent for the Cadillac option, but these three choices are mainly to help gauge your budget, payment schedule, and benefit length (3 years vs 5 years). For instance, would you rather spread payments over your lifetime (lower monthly cost) or finish in 10 years (lower overall cost)? Once I have your preferences, I’ll prepare updated quotes with the specific policy details.
📈 Graph of benefits
This graph shows your projected benefits and LTC costs in Pennsylvania when you turn 80, though your benefits can begin whenever care is needed. For more detail, click any line.
Long-term care costs
Assisted-living in Pennsylvania is projected to cost $167,000/year by age 80 (assuming 4% annual growth). But your policy doesn't have to cover everything. Assisted-living already includes housing and meals, and any steady income, like Social Security, can bridge the gap that your policy doesn't cover. The goal for most people is meaningful coverage, not paying every dollar.
If you’d like higher or lower benefits, I can adjust your premium, benefit length, or payment schedule. Just let me know your goals.
👉🏻 Next steps
Once you've reviewed your options, just reply to my email or text with the one that feels closest—"Base", "Plus", or "Cadillac"—and any comments you'd like to add. I’ll then fine-tune your quotes with more specifics to match your budget, with zero commitment.
📺 Still learning?
Watch this short "unboring" video on the three biggest reasons to get LTC insurance from our popular blog. That's me in the video.
Thanks,
Jesse
Jesse Vickey at Long Term What?
Schedule a call or 720-263-2188
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