What If You Don’t Have Long Term Care

What If You Don’t Have Long-Term Care? Will You Lose Your Home for Medical Expenses If You Get Sick?

Speaker: Anna Febiana, Independent Agent and Living Benefits Specialist | CA Insurance License 0C69590

PFA CA License 0E24697 | febiana.anna@gmail.com | 702.445.9885



We are living in a world of medical technological advancements that result in longevity for many. As we get older, more ailments seem to show up. We might have illnesses that we never thought we would have. There is a common concern: What If We Don’t Have Long-Term Care? Will we lose our house for medical expenses if we get sick?


The need for long-term care typically arises when an individual has trouble in performing two or more of the fundamental “Activities of Daily Living” without assistance. These activities include bathing, dressing, eating, transferring, toileting, and maintaining continence. When an individual encounters challenges in any of these areas due to age-related decline or health conditions, they may require long-term care to ensure their daily needs are met adequately. Recognizing these conditions is essential for determining when long-term care may become necessary and for proactively planning for retirement or addressing health-related challenges in a comprehensive manner.


As much as we think that Medicare and Medicare supplemental plans would take care of a lot of the medical expenses as we reach the age of 65, they don’t cover all of them. Medical insurances, including Medicare, typically covers only short-term skilled nursing care or rehabilitative services, leaving the burden of long-term care expenses on retirees and their families. Long-term care insurance seemed to be the answer for a while a few decades ago. However, not only are long-term care policies hard to come by nowadays, but they are also very expensive if you can find them. The older you are the more expensive the long-term care plans will be.


Medicaid can cover long-term care, but has strict income and asset criteria.


So, what’s the answer to “What If You Don’t Have Long-Term Care?” The key issue here is the cost of long-term care and how we can finance it if we do not have a long-term care policy.


One of the options is Hybrid Life Insurance, which offers an innovative solution for covering long-term care expenses. This type of policy is often referred to as life insurance with living benefits that provide financial support for long-term care needs, including terminal illness, chronic illness, and critical illness. This approach ensures flexibility and security in managing healthcare expenses, while still benefiting from the life insurance component. However, it is essential to note that eligibility for hybrid life insurance may be influenced by age and health conditions. This option may not be suitable for seniors who have already reached an age where premiums become prohibitively expensive, or for those with pre-existing health conditions that make obtaining coverage challenging.


Alternatively, consider an Annuity, which represents another viable option for long-term care funding. Annuity contracts with insurance companies offer a guaranteed income stream for life, potential tax advantages, and the possibility of adding long-term care, nursing home, or terminal illness riders. Annuities come in various types, allowing individuals to tailor them to their financial goals and long-term care requirements. These financial instruments empower individuals to address long-term care needs proactively while preserving their financial well-being.


Taking a holistic approach to retirement planning is essential to ensure peace and security in your golden years while freeing you from unexpected financial challenges. Don’t navigate the complexities of insurance and long-term care planning alone. Consult with a life and long-term care insurance professional who can provide expert guidance tailored to your needs.


You worked hard and contributed to society significantly when you were young. You saved up and have planned well for your retirement, which is lasting longer than you had planned. You want to be in good control of the assets you have built and make it last for as long as you live.


Call and schedule a meeting with your insurance advisor to gain a clear understanding of your existing coverage. This ensures you know precisely what you have in place and can make informed decisions about your future financial security, including addressing long-term care needs.