At Innovative Advisors, INC, our only focus is the client. We have worked hard to create a space where we can serve all of the needs of individuals and business owners near Elko, NV. Keeping the client, and only the client, in mind is what makes us significantly different than most financial professionals. As an independent firm, we can recommend products and services that are best for the client and their unique situation. We do not worry about making sales or earning commissions. Our success is equal to the success of our clients.

Long Term Care Insurance or LTC/LTCI is a type of insurance that helps individuals pay for costs associated with long-term care. Generally speaking, the costs covered by long-term care insurance are not covered by the individual’s health insurance, Medicare, or Medicaid. People who require long-term care are usually not considered ill in a traditional manner, but they cannot completely perform two out of six of what is referred to as activities of daily living (ADLs) on their own. ADLs are dressing, bathing, eating, toileting, continence, transferring, and walking. An individual’s age does not determine a need for long-term care. However, many people over the age of 65 eventually require some kind of long-term care in their lifetime.

Long-term care can cover costs for things like home care, assisted living facilities, adult day care, respite care, hospice care, nursing homes, specialty facilities, and home modifications. If coverage includes home care, long-term care insurance can pay for various home care needs, many times from the first day that the care is needed. For example, it can pay for a caregiver, either live-in or visiting, a companion, a housekeeper, a therapist, or even a private duty nurse for up to seven days a week depending on the policy benefit maximum.

Many people in the United States do not feel comfortable relying on their families, especially children, for long-term care support. However, long-term care insurance can help cover otherwise out of pocket expenses. If an individual does not have coverage, the cost of services could quickly eat away your assets and begin chipping away at the savings accounts of your loved ones.

The cost of long-term care insurance differs widely by region in the United States. Premiums that are paid on long-term care insurance are often eligible for tax deductions. The amount of these tax deductions depend on the age of the person insured. Benefits paid from long-term care are usually not included in the individual’s income. We can help you find the right coverage for you at a cost that does not sacrifice your budget. However, a better thing to consider is what it would cost you if you do not have coverage rather than what it costs to obtain coverage, which is significantly less.

The short answer is absolutely. Long-term care is necessary since many people live longer and eventually need some assistance with everyday living tasks. Nearly half of the population aged 65 and older end up needing long-term care. Therefore long-term care insurance is a smart way to protect yourself against these costly expenses. Men and women both need long-term care insurance, but women especially need it. Women tend to live longer than men and end up being caregivers for several years before they need care themselves. It is not technically an investment, as there is no return on long-term care insurance, but you are putting yourself in a position to be well cared for should the need arise. Assuming you’re still in good health and eligible for coverage, most people should begin shopping for long-term care insurance between the ages of 60 and 65. It is crucial to prepared for the future! Long-term care planning is an essential part of ensuring that you are prepared. Let’s get you insured today!