Long Term Care Insurance

Long-Term Care Insurance is a type of insurance you can purchase to cover items that Medicare won’t, like assisted living facilities, nursing homes, in-home care, etc.

LTC insurance can also get very confusing very quickly.

There are lots of options, add-ons and configurations that can get unnecessarily expensive if you’re not careful.

Long Term Care Q&A

Q: Who typically needs Long-Term Care Insurance?

» People who do not want to “spend down” their assets to qualify for Medicaid.

» Parents who want to safeguard an inheritance for their children.

» People who want to ensure a certain level of care if they require assistance.

» People who want to save money on healthcare costs in the future.

Q: At what age should I purchase Long-Term Care Insurance?

Insurance agents, journalists, accountants, attorneys and consumer advocates all have differing opinions on the
“correct” age to purchase Long-Term Care insurance.

Generally, sometime in your 50s is a good time to start considering LTC insurance.  However, if you have medical issues or you have a family history of medical issues, it may make sense to consider it in your late 40s.  The older you are, the higher the premiums become and the greater chance you have of failing health, which could disqualify you from coverage.

Q: What is the Connecticut Partnership and what does it have to do with LTC insurance?

It is a partnership between the state of CT and several long-term care insurance companies that allows owners of “Partnership LTC insurance policies” to protect some (or in some cases, all) of their assets from the Medicaid spend down rules, including if you purchase a CT plan and move to another participating state to retire.

Partnership long-term care plans cost the same as their non-partnership counterparts and generally have more built-in protection for the consumer. Partnership plans can only be handled by CT Partnership certified insurance agents.

At Delfau Tax & Financial Services, we’ll help you learn about Long-Term Care Insurance so you can decide if and
when it is the right choice for you.