Find the Best Long-Term Care Insurance

in New Jersey

How Does Long-Term Care Insurance Work?

Most people don’t expect to need an assisted living facility or nursing home, so the high cost of long-term care can come as a shock. According to the AARP Public Policy Institute, “on average, 52% of [seniors] will develop a severe disability that will require long term support services at some point.” The good news? Many New Jersey senior care facilities rate above the national average by the Centers for Medicare and Medicaid Services. Unfortunately, long-term care in New Jersey is also among the costliest in the nation. That’s where long-term care coverage comes in.

After collecting multiple long-term care insurance quotes for your review, your independent insurance agent can help you purchase the policy that fits your needs and budget. You’ll then pay a monthly insurance premium until you need to use the coverage.

Benefits pay out if you require long-term care, whether in an assisted living or subacute nursing facility or due to a diagnosis requiring continuous treatment, such as cancer or post-stroke recovery. These payments can greatly reduce the additional stress and financial hardship often associated with costly long-term care in New Jersey.

Is LTC Insurance Worth It?

To decide if long-term care insurance is worth it to you, consider the approximate average costs New Jersey residents paid last year for these common care options:

Home health aide: $4,960 per month
Private room in a nursing home: $11,870 per month
Adult day care: $1,900 per month
Assisted living facility: $6,650 per month

Are your retirement savings enough to cover the cost of long-term care? If not, investing in long-term care coverage may be a good idea.

Find an independent agent in New Jersey

Planning for the High Cost of Long-Term Care in New Jersey

It’s never too early to safeguard your future with the right long-term care insurance coverage. To determine whether a traditional or hybrid policy is best for you, speak to an independent insurance agent today and worry less tomorrow.

A New Option: Hybrid Long-Term Care Insurance

Traditional long-term care policies have two options: They pay out if you need them, or they don’t pay at all. Basically, they transfer much of your financial risk to the insurance company for the price of the policy’s premium. Many consumers appreciate the simplicity of this model. Others, however, prefer hybrid long-term care insurance.

Hybrid LTC policies, sometimes referred to as “live, die, or quit,” combine long-term care benefits with life insurance and annuities. Insurance carriers offer an array of creative packages, each with its own benefits, at a wide range of rates.

Typically, hybrid long-term care insurance in New Jersey provides:

Premiums paid up-front, eliminating rate increases
Coverage for long-term care in a variety of settings
Death benefits that pay any unused portion to your heirs
Return of your premiums to you if you cancel

Hybrid LTC insurance coverage usually requires a large initial investment, sometimes paid for through an IRA rollover, so this option isn’t for everyone. These policies are great if you have an existing medical condition that disqualifies you from a traditional plan, because hybrid policies often require minimal underwriting—the determination of rates and eligibility is based on health and lifestyle questions. Hybrid long-term care insurance is also popular with higher net worth individuals.

Compare the Best Long-Term Care Insurance Quotes in New Jersey for You...

Top Insurance Companies That Support Independent Agents in New Jersey

There are currently 485 independent insurance agents in New Jersey who are ready to help. These agents can save you time and money by helping you find competitively priced coverage that is well-suited to meet your specific coverage needs. Talk to an insurance agent near you to learn more and to start comparing customized LTC insurance quotes.