David and Heather,
Good news. Your long-term care (LTC) insurance quotes are ready.
š Your quotes
Iāve provided three quotes with $5,000/month starting benefits and 3% annual growth to help your coverage keep up with increasing long-term care costs.
š§ My notes
I included the three hybrid policies you expressed interest in. It may also be helpful to compare Nationwide CareMatters, which is a similar option.
Option A and B:
Securian and Brighthouse offer individual policies, so this quote reflects two separate policies. We can show them individually in the next round of quotes. For an apples-to-apples comparison, I used a 6-year benefit duration, although Securian can extend up to 8 years. Both offer cash benefits, which provide more flexibility than reimbursement.
Option C:
OneAmerica Asset Care is the gold standard for its lifetime coverage, especially valuable for conditions like memory care that can last many years. The cost is slightly higher than Options A and B, though reimbursement payments and a more modest refund to heirs are tradeoffs to consider.
Assisted-living in Colorado is projected to cost $149,000/year by age 80 (assuming 4% annual growth). Your options provide lower annual benefits than this projection ($112k/year), but you can bridge the gap using personal savings and Social Security. The goal for most people is meaningful coverage, not paying every dollar.
If you'd like to adjust your annual benefits, you can adjust your premiumāyour benefits will change proportionally (e.g., by 25%).
šš» Next steps
If any of these policies look appealing, please schedule time on my calendar so we can review the options together and address any questions you may have.
šŗ Still learning?
Watch our "unboring" video on qualifying for LTC insurance or visit our website. That's me in the video.
Thanks,
Jesse
Jesse Vickey at Long Term What?
Schedule a call or 720-263-2188