Long Term Care Insurance Plans | Sandvold Financial Group

Q: What if I never need long-term care?

Many clients choose hybrid policies that provide death benefits to beneficiaries if long-term care benefits go unused. We can help determine if this approach aligns with your goals.

Long Term Care Insurance

Long-term care insurance isn’t as well-known as life insurance and is often overlooked as the critical safety net it can be. Understanding the role of long-term care insurance can help you decide whether and/or when you want to take out a policy.

What Is Long-Term Care Insurance?

Long-term care Insurance provides financial support when you need assistance with everyday activities due to aging, illness, injury, or cognitive impairment. Unlike traditional health insurance, it covers services that help with daily living—whether at home, in assisted living, or in a nursing facility. Many mistakenly believe that their health insurance alone will cover these expenses, but that is rarely the case.

You can think of long-term care insurance as building a bridge today that you may need to cross tomorrow. Not everyone will need that bridge, but for those who do, having it in place makes all the difference.

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Why Consider Long-Term Care Planning Now?

Financial Protection

The average monthly cost for a semi-private nursing home room exceeds $7,700—a figure that continues to rise.

Family Peace

Removes the potential burden from loved ones who might otherwise become unpaid caregivers.

Choice Preservation

Lets you maintain control over your care decisions rather than letting financial limitations dictate your options.

Legacy Protection

Safeguards the assets you've worked hard to build for your family's future.

Long-Term Care Options: Finding Your Perfect Fit

At Sandvold Financial Group, we understand that insurance should never be a financial burden but rather a safety net that fills gaps in your retirement and financial plans. Our approach to Long-Term Care Planning is personalized, thoughtful, and holistic.

Long-Term Care Coverage: Understanding Your Choices

Feature	Long-Term Care Life Insurance	Annuity with LTC Rider	Self-Funding
How It Works	Life insurance policy with LTC benefits that can be accessed if needed	Annuity contract with added LTC benefits when care is required	Setting aside personal savings specifically for potential care needs
Advantages	Death benefit if LTC unused Tax-free LTC benefits Guaranteed premiums May qualify with some health issues	No "use it or lose it" concern Usually easier to qualify for Can convert existing annuities Flexible premium options	Complete control over funds No underwriting required No ongoing premium payments Flexibility for other needs
Disadvantages	Higher initial costs Medical underwriting required Limited flexibility once established	May have higher fees Usually less LTC leverage than insurance Often has waiting periods	Risk of insufficient funds Requires significant discipline No leverage of insurance dollars May impact Medicaid eligibility
Best For	Those wanting guaranteed coverage with legacy protection if care isn’t needed	Those with existing assets who may not qualify for insurance or want flexibility	Those with substantial assets who can comfortably set aside significant funds

Frequently Asked Questions

Most people find the optimal balance of affordability and insurability in their 50s or early 60s. Premiums increase with age, and health issues may limit eligibility later.

Medicare provides very limited coverage for long-term care—typically only for short-term skilled nursing care following hospitalization, not for ongoing assistance with daily activities.

This concern is why many clients choose hybrid policies that provide death benefits to beneficiaries if long-term care benefits go unused. We can help determine if this approach aligns with your goals.

We help calculate appropriate coverage based on your location's care costs, your assets, income sources, and preferences for care settings. Our goal is "right-sized" coverage—not too much, not too little.

Ready to Explore Long-Term Care Insurance?

Contact Us Today

The best Long-Term Care Insurance approach isn't about predicting the future but protecting it. At Sandvold Financial Group, we help you find the perfect balance between preparation and living life to its fullest today.

Ready to explore how long-term care insurance can complete your financial plan? Schedule a consultation with our team today. Together, we'll see that your financial foundation remains strong, no matter what tomorrow brings.

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