Long-Term Care Insurance
Midwest Division Insurance Agency is here to help you understand your long-term care options so you can plan confidently for the future — protecting your savings, your independence, and your family.
Plan Ahead for the Care You May Need Later
Long-term care insurance helps cover the cost of care when you are not able to manage daily activities like bathing, dressing, or eating on your own — whether due to aging, illness, or injury.
It helps pay for services that are not typically covered by Medicare or traditional health insurance, including in-home care, assisted living, and nursing facility stays.
With healthcare costs rising, this coverage can protect your retirement savings and give your family more choices about how and where you receive care.
Having long-term care coverage helps you:
- Avoid relying entirely on your children or loved ones for caregiving
- Protect your retirement savings and assets from being depleted
- Maintain more control over your care decisions and living situation
- Reduce emotional and financial stress on your family
- Plan for the realistic likelihood of needing care at some point
Let us help you plan with confidence.
Long-term care planning can feel overwhelming. We break it down clearly, walk you through your coverage options, and help you find a plan that fits your life and budget — at no cost to you.
Why Long-Term Care Insurance Matters
Many people assume Medicare or traditional health insurance will cover long-term care — but coverage is usually very limited. Without a plan, most of those costs fall on you or your family.
Without long-term care insurance, retirement savings and other assets could be depleted within just a few years of needing care.
What Long-Term Care Insurance Covers
Policies vary by carrier and plan, but most long-term care insurance plans include coverage for the following types of care and services.
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Home Care ServicesCare provided by a licensed professional in your own home — assistance with daily activities, personal care, and health monitoring.
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Assisted Living FacilitiesResidential settings that provide personal care support, meals, and activities for those who need help but not full nursing care.
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Skilled Nursing FacilitiesHigher levels of medical care in a nursing home setting, including rehabilitation and ongoing skilled nursing services.
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Memory CareSpecialized care for individuals with Alzheimer's disease, dementia, or other cognitive conditions requiring secured, structured environments.
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Respite & Support ServicesTemporary care to give family caregivers a break, plus caregiver training and care coordination services.
How policies typically work:
- Reimburse you for services up to a daily or monthly benefit limit
- Benefits begin after a short elimination (waiting) period
- Many policies offer inflation protection to keep pace with rising costs
- Coverage amounts vary — we help you estimate what fits your needs and region
- Couples can often purchase joint policies or linked benefits for additional savings
- Some policies can be combined with life insurance so premiums are not "wasted" if care is never needed
Long-Term Care Insurance FAQ
When should I buy long-term care insurance?
It is often best to buy in your 50s or early 60s, before health issues develop and while premiums are more affordable. Waiting too long can mean higher premiums — or being declined coverage altogether if health conditions develop. The best time to plan is before you need it.
What if I never need long-term care?
Some policies now include options like shared benefits with a spouse, return-of-premium riders, or linked benefits that combine long-term care coverage with life insurance. With a linked policy, if you never use the long-term care benefits, the death benefit is paid to your beneficiaries — so the premiums are not lost. We will walk you through these options.
Do Medicare and Medicaid pay for long-term care?
Medicare only covers limited short-term skilled nursing care after a qualifying hospital stay — and only up to 100 days under strict conditions. It does not cover custodial care (help with daily activities) long-term. Medicaid may help, but only after you have spent down most of your savings and assets to qualify under strict income and asset limits. Long-term care insurance is one of the best ways to protect yourself from that scenario.
How much coverage do I need?
It depends on where you live, how long you may need care, and your financial goals. Here are some helpful benchmarks:
- Someone turning 65 today has roughly a 70% chance of needing long-term care services
- Women need care longer on average — about 3.7 years vs. 2.2 years for men
- 20% of today's 65-year-olds will need care for more than 5 years
We will help you estimate a coverage amount based on your specific situation, location, and legacy goals.
Can my spouse and I get coverage together?
Yes — many couples purchase joint policies or linked benefit plans designed for two people. These can protect both spouses, allow sharing of benefits, and in some cases reduce the total premium cost compared to two individual policies. We will help you compare individual vs. joint options for your situation.
Is long-term care insurance expensive?
Premiums vary significantly based on your age at enrollment, health status, benefit amount, and elimination period. Enrolling younger and healthier almost always means lower premiums. Even a modest policy that covers a portion of care costs can significantly reduce the financial burden on you and your family. We will compare options across carriers to find coverage that fits your budget.