The Growing Need for Long-Term Care Planning
Most people don’t think about long-term care (LTC) until they or a loved one need it. By then, options are limited, and costs can be overwhelming. With Americans living longer than ever, the need for long-term care is becoming a reality for more families. Yet, most are unprepared.
Consider this:
- 7 out of 10 people over age 65 will require long-term care at some point.
- The average cost of a private room in a nursing home exceeds $100,000 per year, and home health care services can cost thousands per month.
- Medicare doesn’t cover most long-term care expenses, leaving many individuals to pay out of pocket or rely on Medicaid, which has strict asset limits.
With these staggering statistics, the question isn’t if you’ll need care—it’s whether you’ve planned for it.
The Real Costs of Long-Term Care
Long-term care isn’t just about nursing homes. It includes:
✓ Home Care – Caregivers assisting with daily activities like bathing, dressing, and meal prep.
✓ Assisted Living – Facilities providing personal care, meals, and social activities.
✓ Nursing Homes – Skilled care for individuals with serious health conditions.
✓ Memory Care – Specialized services for those with dementia or Alzheimer’s.
Who pays? Without insurance, individuals must fund their own care, which can drain retirement savings rapidly. Medicaid covers LTC but only after spending down assets.
Long-Term Care Insurance: Is It Right for You?
Long-term care insurance (LTCI) helps cover these costs and preserves financial security. However, it’s not a one-size-fits-all solution. Here are some key considerations:
- Premium Costs – LTCI premiums vary based on age, health, and coverage choices. Buying early (in your 50s or early 60s) locks in lower rates.
- Hybrid Policies – These combine life insurance or annuities with LTC benefits, allowing you to use the funds for care or leave a death benefit if unused.
- State-Sponsored Programs – Some states (like Washington and California) are exploring mandatory LTC tax programs, making private insurance even more attractive.
Long-Term Care Benefits as an Employee Perk
Why More Employers Are Offering LTCI
With the increasing costs of long-term care and a growing awareness of financial planning, employers—especially small businesses—are adding long-term care insurance to their benefits package.
- Competitive Edge – Employers offering LTCI can stand out in today’s competitive job market, helping attract and retain top talent.
- Low-Cost, High-Value Benefit – Unlike traditional health insurance, LTCI policies can be offered at little to no direct cost to employers, with employees paying premiums through payroll deductions.
- Tax Advantages – Businesses may qualify for tax incentives when offering LTCI to employees.
Small Employers Can Now Compete
Historically, long-term care insurance was seen as a benefit only for large corporations. But today, even small businesses can provide this essential coverage through group LTCI policies or voluntary enrollment plans.
- Employers can negotiate better rates and simplified underwriting, making it easier for employees to qualify.
- Coverage can be extended to spouses, parents, and even in-laws, making it an attractive family-oriented benefit.
- With state-mandated LTC programs on the rise, offering private LTC insurance may help employees avoid state-imposed payroll taxes.
For business owners, providing long-term care insurance isn’t just a perk—it’s a way to protect your employees, their families, and your company’s bottom line.
The PERFECT Long Term Care Solution
So, imagine, if, by implementing ONE strategic product, you could eliminate one of life’s biggest uncertaines, one of life’s biggest What-IF’s?
Enter the PERFECT LTC plan – from CorpStrat. Its pretty amazing. Create a robust pool of care for either individuals, or couples. Can be funded at one-lump sum or over time. Everything about it is guaranteed!
Either one of three things can happen if you act on this:
- You get sick and use this plan, and it will PAY A MONTHLY BENEFIT to pay for care to you for as long as you (and your spouse) live.
- You quit this plan along the way, because something better comes along, like a new product or strategy is unveiled, and you recapture most (or all) of your outlay. (NOT an EXPENSE – its an ASSET!)
- You live a long healthy life and never use or need care, in which case the policy pays a large death benefit to your heirs, tax-free.
No one knows what the future holds, but having a plan ensures that you and your family have choices, dignity, and financial stability when it matters most.
Want to Learn More?
If you’re an individual looking for coverage, or a business owner exploring LTC insurance as an employee benefit, let’s talk!