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Long-term Care
70% of people over 65 will need
long-term care services at some point.
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Long Term Care
As people live longer and healthcare expenses continue to rise, the need for long-term care planning becomes more of a “when” than a “if” situation. By having a long-term care strategy in place, you’ll be better prepared for the tough financial, emotional and administrative decisions you and your loved ones may need to make when you need assistance with your daily living activities.
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Total life expectancy has increased by 9 years and is projected to increase another 7 years. As longevity continues to rise, 98% of surveyed consumers say that long-term care planning makes them feel more confident about their financial future.
Did you know that regular health insurance and Medicare do not cover costs for long-term care?
Long-term care insurance is an essential tool to protect your retirement savings and loved ones from long-term care costs
Explore the potential cost of care in your area
Our hand selected third party resources are designed with you and your loved ones in mind. Because the more you learn, the better you can plan, protect, and retire.
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Below you can access the Genworth cost of care calculator to help estimate what long term care might cost in your area.
Long-Term Care insurance helps you...
Remain in your home as long as possible
If you value your independence and enjoy your home, long term care insurance can help you avoid the nursing home for as long as possible.
Keep important family relationships close
Your family means the world to you. You love spending time together and don’t want to jeopardize those cherished relationships.
Protect your hard-earned retirement savings
You worked hard to plan for a comfortable retirement. Spending your life savings on long-term care services shouldn't be on your to-do list.
How long term care insurance works
1
Qualifying Event
A licensed health care practitioner must certify you are chronically ill and submit a plan of care prescribing long-term care services.
2
Elimination Period
When you purchase a long-term care insurance policy, you will select an elimination period during which time any costs for long-term care services are your responsibility.
3
Policy Benefits Begin
Once you become eligible for benefits, you have the option to choose how benefits are paid to you.
As long as you remain eligible for benefits, your policy will continue paying until your policy limit is reached.
Applying is just the start
The good news is, The Wiggins Group provides free, 100% confidential consultations to help guide you to the most suitable long-term care options for your family's needs. Although you can learn a lot from reading online, benefits, pricing and qualifying events for riders vary between insurance companies and in some states, there are dozens of carriers to choose from.
In some cases, what you want isn't always what you can get. Far to often, consumers and agents submit applications that are denied. If you're among the many people applying for long-term care with an ongoing history of health concerns, getting approved isn't always a walk in the park. All insurance companies have their own individual underwriting guidelines, meaning one company may approve someone with type-2 diabetes, whereas another might not, and the same principle stands with all other possible health related backgrounds.
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This is where a licensed insurance professional becomes crucial to your success of being insured. Having access to all options in the independent market, as well as many hybrid annuity and life insurance options, The Wiggins Group provides unbiased, open-architecture planning, coupled with the finest education so that you not only understand your coverage, but how it's better than the other options available.