Individual long-term care insurance (LTC insurance) is a type of insurance that helps to pay for the cost of long-term care services, such as a nursing home, assisted living facility, or home health care. Long-term care can be very expensive, and LTC insurance can help to protect your assets and your financial future.

Who Needs Individual Long-Term Care Insurance?

Individual LTC insurance is a good option for anyone who wants to protect themselves from the financial costs of long-term care. This includes:

• Seniors: Seniors are at the highest risk of needing long-term care. According to the U.S. Department of Health and Human Services, 70% of people over the age of 65 will need long-term care at some point in their lives.

• People with chronic health conditions: People with chronic health conditions, such as Alzheimer's disease, Parkinson's disease, and stroke, are also at a higher risk of needing long-term care.

• People with disabilities: People with disabilities may need long-term care to help them with activities of daily living, such as bathing, dressing, and eating.

What Types of Individual Long-Term Care Insurance Plans are Available?

There are a variety of individual LTC insurance plans available, including:

• Traditional LTC plans: Traditional LTC plans provide a set amount of money per day or month to help you pay for long-term care services. Traditional LTC plans typically have a waiting period before benefits start, and they may have limits on the amount of coverage that you can purchase.

• Hybrid LTC plans: Hybrid LTC plans combine the benefits of traditional LTC insurance with the benefits of life insurance or annuity. Hybrid LTC plans can provide you with coverage for long-term care services, as well as a death benefit or a guaranteed income stream.

• Asset-based LTC plans: Asset-based LTC plans allow you to use your assets to qualify for coverage. Asset-based LTC plans can be a good option for people who have significant assets, but who do not want to pay the high premiums associated with traditional LTC plans.

How to Choose the Right Individual Long-Term Care Insurance Plan

When choosing an individual LTC insurance plan, it is important to consider the following factors:

• Your needs: Consider your age, health, and lifestyle when choosing an individual LTC insurance plan. For example, if you have a chronic health condition, you may need to choose a plan with a shorter waiting period.

• Your budget: Individual LTC insurance plans can be expensive, so it is important to set a budget before you start shopping for a plan.

• Your coverage: Compare the coverage offered by different plans to find a plan that meets your needs. Be sure to consider the types of services that are covered, as well as the limits on coverage.

Deerfield Advisors Can Help You Choose the Right Individual Long-Term Care Insurance Plan

Deerfield Advisors is an independent insurance agency that can help you to choose the right individual LTC insurance plan for your needs and budget. We offer a variety of individual LTC insurance plans from different insurance companies, so you can be sure to find a plan that is right for you.