Long-Term Care Insurance

As you plan for the future, you should consider how to maintain your independence and your hard-earned savings if you experience a long- term illness or a chronic condition that would require extended care. Your local Insphere agent can show you long-term care (LTC) insurance solutions that will provide you with financial benefits you need to retain choice and control in the event you need long-term care.

• Long-term care needs typically arise as part of the normal aging process, but can also be due to an injury or illness, such as multiple sclerosis, stroke, rheumatoid arthritis, or due to a cognitive impairment, such as Alzheimer's disease.
• Long-term care can be given at an assisted living facility, a nursing home or even at home.

When reviewing you LTC insurance options, you'll need to consider:

• Total coverage needs — Total value of the assets you want to protect. Your total coverage is calculated based on the benefit amount and the benefit period you choose.
• Benefit Amount — Maximum amount that your policy provides to cover your care costs on a daily or monthly basis.
• Benefit Period — Minimum period of time (years) you can expect your coverage to last.
• Elimination Period — Similar to a deductible, this is the amount of time (days) that you will be required to pay for the cost of care before your policy begins to pay benefits for an eligible claim.
• Inflation Protection - Helps your benefits grow over time to keep up with the rising cost of care.
• Total Benefit Amount- Total pool of money from which your benefits will be paid.