Long-Term Care Insurance – What You Need to Know

Doctor holding a patient's hand

Long-Term Care Insurance is something that most people have heard of, but many don’t realize its importance until it’s too late. With constant breakthroughs in the medical field and advances in technology, average lifespans are increasing, so there is a higher likelihood that you or a loved one may find yourselves requiring care or assisted-living at some point in your lives.

According to the U.S. Department of Health and Human Resources, the average monthly cost of a semi-private room in a nursing home is $6,844 (statistic from 2016). Over the course of a year, that adds up to staggering $82,128 – for many people, this is a situation where long-term care insurance may help.

What is Long-Term Care Insurance?
Long-term care insurance policies help to cover the cost of care or services that are often required due to a medical condition or disability. These long-term care services may not be covered by regular health insurance, making this additional coverage even more important.

The Benefits to Long-Term Care Insurance
There are a number of benefits to having long-term care insurance – most importantly, it helps provide you with peace of mind knowing that you and your loved ones would not be burdened with covered expenses should a qualifying medical event arise. It also allows flexibility and independence, as a policy may help you afford better services and may cover the cost of care in a number of different places, including your home or an assisted-living facility.

Unfortunately, many people don’t consider purchasing long-term care insurance until a medical event or need requires it. That’s why it’s important to start researching insurance options sooner rather than later. The longer you wait, the more difficult it may be to obtain – and in some cases, premiums may end up being much higher.

Talk to a CFS Financial Advisor Today
Everyone has unique financial situations and goals – so it’s important to talk to a trusted financial advisor to find out if long-term care insurance is right for you. To learn more about long-term care insurance, how to purchase it and different options that may be available to you, see one of the CFS Financial Advisors at Hawaii State Investment Services today. Please call the Investments team at (808) 447-7011, or schedule an appointment online.


Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through Hawaii State Federal Credit Union. Hawaii State Federal Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.


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