Bell Bank logo
  • Our People
  • News
  • Rates
  • About
  • Contact Us

FIND A LOCATION:

Find a Location

Bell Bank

  • 1-800-450-8949
  • Select a Location
    for specific information.
  • HOURS TODAY
    Lobby:
    Drive-Up:
Details | Directions
View all locations
View our people
Bell Banks logo

FIND A LOCATION

Find a Location

Bell Bank

  • 1-800-450-8949
  • Select a Location
    for specific information.
  • HOURS TODAY
    Lobby:
    Drive-Up:
Details | Directions
View all locations
View our people

Call the Branch

1-800-450-8949
secure icon

Access online accounts

Online Banking

toggle open
Treasury
Additional secure logins
Guides & tutorials
Not enrolled yet? Sign up now

Personal

  • Banking
  • Borrowing
  • Investing
  • Insuring

Business

  • Banking
  • Borrowing
  • Investing
  • Insuring
  • Personal
    • Banking
    • Borrowing
    • Investing
    • Insuring
  • Business
    • Banking
    • Borrowing
    • Investing
    • Insuring
  • Financial Education
  • People IconOur People
  • Updates IconNews
  • Rates IconRates
  • About IconAbout
  • Contact Us IconContact Us
secure icon

Access online accounts

Online Banking

toggle open
Treasury
Guides & tutorials
Not enrolled yet? Sign up now

Personal

  • Credit Cards
  • SmartPay Loan Payments

Business

  • Treasury
  • Credit Cards
  • Lockbox
  • Retirement Plan Sponsor
  • Scorecard

My Investments

  • Bell Investments
    • LPL Account View
  • Financial Planning
  • Trust Accounts
  • Retirement Accounts
Back to Advice Center

5 Important Truths You Need to Know About Long-Term Care Insurance

Jul 23, 2020

Many people think they can’t afford long-term care insurance – or if they don’t need it, they’re just throwing money out the window. I want to shed some light on these myths and let you know 5 important truths about long-term care insurance.

1. MYTH: I don’t plan to go into a nursing home, so long-term care insurance won’t help me.

TRUTH: Long-term care insurance is not just for nursing home coverage. It also pays for long-term personal care services in a variety of settings – including your home.

 

2. MYTH: I’m pretty healthy, so I doubt I’ll even need long-term care.

TRUTH: Someone turning 65 years old today has a nearly 70% chance of needing long-term care service and support at some point, according to the Administration on Aging. While the administration says 1/3 of today’s 65-year-olds may never need long-term care support, 20% will need it for longer than five years.

 

3. MYTH: Medicare and Medicaid will cover my long-term care expenses.

TRUTH: Medicare generally only covers up to 100 days in a nursing home, the administration says, and Medicaid doesn’t come into play until you’ve exhausted your own resources. While Medicaid does pay for some long-term care services, there are income and eligibility requirements to qualify.

 

4. MYTH: There’s no way I can afford long-term care insurance.

TRUTH: There are policy options – such as annuities or life insurance wrapped with a long-term care benefit – where you do not lose your principal if you don’t spend it. Instead, it can be passed on to your beneficiaries. Additionally, there is some flexibility in how you could make payments. Instead of a lump sum, you could pay annually or monthly over 5-20 years, depending on the coverage you want.

For example, a 50-year-old female non-smoker might pay $1,000 a month for 10 years, but on day one of her policy, she’ll receive up to $470,000 in benefits, and by the time she might need to use it, her policy will be worth over $1 million in benefits. There are also less expensive options, if someone wants less coverage. We can help you figure out what makes sense for your situation.

Yes, long-term care insurance can be expensive, but long-term care is expensive. The latest figures from the administration state long-term care in the U.S. costs an average $225 a day or $6,844 per month for a semiprivate room in a nursing home, $119 a day or $3,628 per month for care in a 1-bedroom unit in an assisted living facility, and $20.50 an hour for a health aide.

 

5. MYTH: I’m too young to have to worry about long-term care insurance.

TRUTH: We typically recommend most people take out a long-term care policy around age 47. The younger you are, the cheaper the policies are going to be and the more benefits you’ll have when you get older. Also, similar to life insurance, once you have a medical issue, it can be difficult to get long-term care insurance.

 

The bottom line is long-term care insurance helps protect your assets, so you can leave enough for your spouse to live comfortably or have more to pass on to your children.

I’d love to help you figure out whether long-term care insurance is right for you – and what the best policy might be for your situation. Contact me to set up an appointment.

Paula-Swanson

Paula Swanson, CRC®

Bell Investments - VP/Wealth Advisor

Main: 701-298-1500

Direct: 701-451-3031

paula.swanson@lpl.com

 

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Bell Bank and Bell Investments are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using the name Bell Investments, and may also be employees of Bell Bank. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Bell Bank or Bell Investments. Securities and insurance offered through LPL or its affiliates are:

 

Not Insured by FDIC or Any Other Government Agency

Not Bank Guaranteed

Not Bank Deposits or Obligations

May Lose Value

 

Customer Service 1-800-450-89491-800-450-8949

7 days a week | Weekdays 7am-10pm CT, Weekends 7am-6pm CT

Keep up with Bell Bank

NEWSLETTER SUBSCRIPTION

We promise to never spam you and you can unsubscribe at any time.

Subscribe
FDIC icon
  • Jobs Join the Bell Team
  • Financial Education
  • Privacy Policy
  • Terms & Conditions
  • Security
advice center icon

Find all kinds of financial riches in our

Advice Center

Customer Service 1-800-450-89491-800-450-8949

7 days a week | Weekdays 7 am - 10 pm CT, Weekends 7 am - 6 pm CT