What Is Long-Term Care Insurance?
Long-term care (LTC) insurance covers the cost of services that help you with activities of daily living — such as bathing, dressing, eating, and mobility — when a chronic illness, disability, or cognitive condition makes it difficult to care for yourself. These services can be provided at home, in an assisted living facility, or in a nursing home. Without LTC coverage, these costs can quickly deplete a lifetime of savings. The average annual cost of a private nursing home room exceeds $100,000 — and Medicare covers very little of it. Planning ahead with the right LTC policy protects your assets and gives you control over your care.
Coverage Options We Offer
A standalone policy that pays a daily or monthly benefit for qualifying long-term care services. Premiums are paid over time and benefits are available when needed.
Combines life insurance with long-term care benefits. If you never need care, the death benefit passes to your beneficiaries. Eliminates the 'use it or lose it' concern of traditional LTC.
Uses a lump-sum deposit (often from a CD or savings) to fund a policy that provides a much larger pool of LTC benefits. No ongoing premiums and guaranteed acceptance in many cases.
Not sure which option is right for you? Mechelle offers a comprehensive care planning consultation to help you understand your options, costs, and the best strategy for your situation.
Frequently Asked Questions
Medicare provides very limited coverage for skilled nursing facility care — typically only after a qualifying hospital stay and only for a limited number of days. It does not cover custodial care (help with daily activities), which is what most people need long-term.
The best time to purchase LTC coverage is in your 50s or early 60s, when premiums are lower and you are most likely to qualify medically. Waiting until you need care is too late — coverage requires medical underwriting.
Costs vary significantly by location and type of care. In Georgia, the average annual cost of a private nursing home room exceeds $85,000, while in-home care averages $50,000+ per year. Assisted living typically runs $40,000–$60,000 annually.
With a hybrid life/LTC policy, if you never use the LTC benefits, your beneficiaries receive a death benefit. This eliminates the 'use it or lose it' concern that some people have about traditional standalone LTC policies.
Long-term care insurance products are offered through Fitzpatrick Benefit Advisors LLC. Mechelle Fitzpatrick, NPN 6799305, GA License 607281. Products and availability vary by state. Cost figures are estimates and may vary by location and care provider.
Key Benefits
- Covers nursing home, assisted living, and in-home care
- Protects retirement savings from catastrophic care costs
- Preserves your independence and choice of care setting
- Relieves the caregiving burden from family members
- Potential tax deductibility of premiums
- Inflation protection options available
Who Needs This?
- Individuals in their 50s and 60s planning for retirement
- Those with a family history of chronic illness or dementia
- Anyone who wants to protect retirement savings from care costs
- Individuals who want to avoid burdening family members with caregiving
- Those who want control over where and how they receive care
- Couples where one partner may need care before the other