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Long Term Care Planning

Do you have a plan to meet your long-term health needs? Our advisors for long-term care planning will help you balance risks and affordability.


Many Americans need long-term care to perform their daily living activities, as they may suffer from conditions that prevent them from taking care of themselves.

Long term care planning is a type of insurance that provides several services that help those in need with their daily activities over an extended period. Although it can sometimes be associated with nursing homes, it can also happen at home.


There can be a crucial point in a person’s life when they start considering LTC planning. Here at The Kelley Financial Group, we can provide this service to anyone in the Pittsburgh area.

What Is Long-term Care?

Long-term care consists of ongoing help that's provided to those who can't perform daily living tasks on their own. It isn't temporary, like recovering from an accident or surgery. Instead, it can last until the end of the person's life, as they aren't expected to recover and live without this assistance.


Many people needing LTC are patients dealing with dementia, Parkinson's, Alzheimer's, and osteoarthritis. Still, several other conditions fall under this umbrella of needs for long-term assistance. Therefore, anyone interested in getting this coverage must go through their family's medical records and check for any possible conditions they may develop later in life.


The Kelley Financial Group has years of experience in guiding businesses and individuals through complex financial matters.

How Much Does It Cost?

Several factors can determine the cost of these plans. Some of the most common are the following.


  • Possible caregivers. If there's someone who can help take care of the older adult, the price of the premiums may be lower.

  • Gender. Women tend to pay more for these policies, as they live longer than men and might need LTC for a longer period.

  • Type of care. The cost can fluctuate depending on the benefits the person wants, whether they prefer a basic nursing home or personalized care.

  • Expenses that can be cut off. Once a person reaches a certain age, they aren't going to be spending much on traveling and entertainment, so they can possibly cut these expenses off their budget.

  • Location. Policy costs vary depending on location.

Where Would the Money Come From?

There's no way of knowing whether someone will need this type of care or not, but it is possible to plan for the worst-case scenario. Some of the most common ways of paying for long term care planning are the following.


  • Property. Those who don't have LTC insurance sometimes decide to sell their property and use the money to pay for their long-term care. This also prevents them from paying real estate taxes.

  • Income annuities. They rarely pay for LTC, but this way, people can make sure not to run out of money when using their savings.

  • LTC insurance. These policies pay for most of the costs, and users are able to invest in one at an early age.

  • Medicaid. This is an option for lower-income Americans who need help paying for LTC.

Most Important Things to Know

Before investing in LTC insurance there are several things to know. 


  • Several health tests will be performed so that a person may qualify for these policies. 

  • LTC insurance can be made affordable. Many people can pay less than 5% of their income in premiums, and there are several ways of making it cheaper.

  • Premiums are likely to vary depending on the insurance provider, but they manage "standard rates" depending on the person's age and health state. Clients can also opt for discounts, but one way of getting better rates is by comparing several insurers.

  • Another key element that will vary depending on the insurance provider is their health qualifications. Some standard green flags for being accepted are being in optimal physical health, not using tobacco products, and not taking medications. Still, clients must provide their medical records to ensure they get decent coverage for their cases.

  • It is a life-long investment, so people will likely only go through this process once.

Biggest Mistakes to Avoid

After deciding to invest in LTC insurance, try to avoid making common mistakes, such as the following.


  • Waiting too long to start planning. This doesn't mean everyone should buy LTC insurance now, but they can investigate the requirements and find out how much it would cost to invest in one.

  • Thinking there's no need for LTC. Many people believe they won't need LTC until they do. "Hoping" for it not to happen to them won’t deter the worst-case scenario.

  • Relying on government programs. Medicare isn't the most reliable option for LTC insurance, especially if clients wish to have certain benefits.

  • Avoiding working with LTC insurance professionals. Working with a professional who knows the ins and outs of the industry can be beneficial to the client.

Bottom Line

Starting LTC planning can be beneficial once a person reaches their 50s, and here at The Kelley Financial Group, we are ready to help our clients get coverage in the Pittsburgh area. Call the number at the bottom of this page to get a free estimate for our services.

 This material was prepared for The Kelley Financial Group’s use. 

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision. 

The Kelley Financial Group and LPL Financial do not offer tax or legal advice or services. We suggest that you discuss your specific situation with a qualified tax or legal advisor. 

This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. For information about specific insurance needs or situations, contact your insurance agent.

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