Individuals

Individuals

Our network of advisors across the US helps individual families plan properly so they will be prepared if faced with a catastrophic, life-changing event that leaves them in need of regular specialized healthcare.  The process of discovering your options is simple and starts with a call to LTCcompass.

There are traditionally four options to consider when addressing long term care (LTC) needs:

  • Traditional/stand-alone long-term care
  • Asset-based policies
  • Life insurance with a long-term care rider
  • Self-pay

Traditional Long Term Care
Asset-Based Long Term Care
Life Insurance with an LTC Rider
Self-pay
Traditional Long Term Care

Stand alone or traditional long-term care policies usually provide more flexible options. They can be customized to the individual but only provide coverage in the event of a long-term care need and are typically more expensive. Traditional long-term care policies are perfect for those who don’t have a need for life insurance coverage, who prefer less cash flow intensive premiums, and are inflation sensitive. The benefits can be customized to meet the needs of the client which helps control what the cost of the policy will be.

Asset-Based Long Term Care

Asset-based long-term care policies provide long-term care coverage in addition to a death benefit. Such policies are best for those who want to protect against the cost of stand-alone LTC, also have a need for a death benefit and have the ability to pay their premiums in limited pay or single pay. It is important to know that any LTC benefits paid out under this policy will reduce the amount of the death benefit.

Life Insurance with an LTC Rider

Stand alone or traditional long-term care policies usually provide more flexible options. They can be customized to the individual but only provide coverage in the event of a long-term care need and are typically more expensive. Traditional long-term care policies are perfect for those who don’t have a need for life insurance coverage, who prefer less cash flow intensive premiums, and are inflation sensitive. The benefits can be customized to meet the needs of the client which helps control what the cost of the policy will be.

Self-pay

Many people will deliberately or unintentionally pay LTC themselves for needs as they arise. Unfortunately, many people are forced into this option because of a lack of planning. The self-pay option involves you covering the cost out of your savings or money you had set aside for other purposes. There are three main reasons this method is so financially devastating:

Spending Principle and Inheritance
Lack of Safety Net
Role Confusion
Spending Principle and Inheritance

The money that is being used to pay the monthly premiums cannot be available for other investments. The person is spending principle and any interest the money could be earning is a loss of earnings that might have been planned for other needs. The loss of any inheritance is also painful for a family to deal with. Before Medicaid can be applied for to assist with monthly premiums, a person’s assets must first be spent to a level that involves poverty.

Lack of Safety Net

With LTC costs rising each year and a lack of a specific end date for the expense, families risk difficult financial decisions between meeting needs. With no financial safety net, the ongoing cost for LTC expenses is a constant drain and stress on those seeking to meet the needs.

Role Confusion

When families are forced to provide care because of a lack of LTC resources, the family dynamics and roles change from being a spouse to a caretaker or from a child to a caretaker. The stress this dynamic puts on the family is enormous because there are usually other family roles involved. A daughter who wants to help her mother care for the husband/father usually is a wife with her own family needs. A disproportional workload usually develops for one family member versus others as well.


Self-pay is the most expensive method to cover LTC cost if a family does not have endless financial resources. The cost it has on the family and relationships is a very high price to pay on top of the financial drain.