Why Should I Get Long Term Care Insurance?

Shawn Plummer

CEO, The Annuity Expert

Understanding Long-Term Care Insurance

Long-term care insurance is designed to cover costs that regular health insurance, Medicare, or Medicaid may not cover, especially for long-term needs. Here’s why you might consider it:

  • Retirement Savings Protection: Long-term care expenses can deplete retirement savings rapidly. This insurance helps preserve your financial resources.
  • High Probability of Need: Statistics show that about 70% of individuals over 65 will require some form of long-term care.
  • Cost Efficiency: The cost of long-term care insurance can be significantly lower than the out-of-pocket expenses for long-term care.

Alternatives to Traditional Long-Term Care Insurance

Comparing Long Term Care Coverage Options

FeatureTraditional Long-Term Care InsuranceLong-Term Care AnnuityHybrid Policy
CoverageSpecific long-term care expensesLong-term care or retirement incomeLong-term care or death benefit
PaymentRegular premiumsSingle premium paymentSingle premium or regular premiums
Benefit UseOnly for long-term careFlexible: Long-term care or retirementFlexible: Long-term care or death benefit
Premium RefundGenerally, no refund if unusedCan be used for retirement incomeDeath benefit if unused for care


Choosing the right long-term care coverage depends on your financial situation, health, and retirement goals. Long-term care insurance, annuities, and hybrid policies each offer unique benefits. Understanding these options can help protect your retirement savings from the high costs of long-term care.

Contact us today for a free quote.

Request A Quote

Get help or a quote from a licensed financial professional. This service is free of charge.

Contact Us

Shawn Plummer

CEO, The Annuity Expert

Shawn Plummer is a licensed financial professional, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

Scroll to Top