What is long-term care?
Long-term care (LTC) is personal assistance provided to people that are unable to perform the activities of daily living, or ADLs, on their own for an extended period of time. Long-term care needs typically arise as part of the normal aging process but can also be due to injury or illness, such as stroke or cognitive impairment like Alzheimer's disease.
Long-term care is no longer limited to care received in a nursing home. Today, a wide variety of services are available, including the option to receive care in your own home.
Six activities of daily living:
- Eating
- Bathing
- Dressing
- Transferring
- Continence
- Toileting
Who needs long-term care insurance?
If you prefer to live in your home for as long as possible, and you want to help protect your retirement savings, you may benefit from a long-term care insurance policy.
Typically, Medicare doesn't fully cover assisted care expenses, including custodial care, which is provided in nursing homes, assisted living facilities or at home. Coverage for these types of health expenses helps you maintain control of where you will receive care and helps protect your life's savings.
The typical cost of care as we age…
Below outlines the national average costs for care in a nursing home, an assisted living facility and in your home.
Nursing Home
$95,6163
Annually
Assisted Living
$43,5363
Annually
In-Home Care
$43,6803
Annually
We can help you explore coverage for your future care and financial security.
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Personalized Approach
With a history dating back to 1879, there are some things that never change. At Bankers Life, that means taking a personalized approach to help protect the individuals and families we serve. We focus on helping you improve upon your financial security, particularly as you enter and navigate retirement.
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Service You Can Trust
Our goal is to provide excellent service to every policyholder and make your life easier when it comes to your claims. In 2018, Bankers Life paid long-term care insurance claims to over 250,000 policyholders totaling $541 million.