Charles and Shelley,
Good news. Your long-term care insurance quotes are ready.
🏷️ Long-term care costs
For context, here are the current average costs of long-term care.
- Home care and assisted living: $5k-$8k/month
- Memory care: $6k-$10k/month
- Nursing home: $9k-$15k/month
👀 First-look quotes
To provide some context, I’ve included a few preliminary quotes showing potential coverage and costs. We can refine these together once we discuss what matters most to you.
All include 3% annual benefit growth (except D). Coverage can start at any point in your lifetime and your benefits last for a fixed length.
Shelley's quotes
- A: A simple option with monthly payments that continue until care is needed. It does not include a refund of premiums, which makes it the most budget-friendly policy.
- B: Provides the same benefit length as Option A, but includes a return of premiums to your family if you never need care. Payments are completed in 10 years.
- C: Includes the same refund feature and extends the benefits so they can last longer. It is designed to keep paying even if care is needed for many years, such as with Alzheimer’s disease. Payments are completed in five years.
Charles's quotes
- D: This option is a long-term care annuity funded with a single upfront payment (I illustrated it with an example of $150k). It provides five years of benefits, and the full premium is returned to your heirs if you never need care. Acceptance of coverage is guaranteed. I illustrated the lowest benefit level, so the benefits may be higher depending on underwriting.
👉🏻 Next steps
Schedule a call so we can discuss your goals and address any questions. After we talk, I can provide updated, personalized quotes with more specific details.
📺 Still learning?
Read posts on our popular blog or watch videos on YouTube channel.
Thanks,
Jesse
Jesse Vickey at Long Term What?
Schedule a call or 720-263-2188