Coverage for a life well-lived

You’ve worked hard, saved well, and planned for a great retirement with money left over to pass on to the next generation. Long-term health care planning can help you secure what you’ve spent so long to build.

The fact is people are living longer lives—more than one in three of today’s 65-year-olds will live to age 90.1

This means you could spend 25 or more years in retirement, and some of those years may include a form of long-term health care to maintain your best life possible.

Whether you require at-home care, assisted living facilities, or nursing home care, long-term health care planning can help cover these costs when you cannot rely on government benefits and don’t want to drain your savings.

Medicare may cover short-term nursing care and hospice care, but little long-term care in between.

Contact the long-term care insurance team


Who needs long-term health care?

If you are in your in your 50s or getting close to retirement, now may be the right time to begin discussing long-term health care options with a financial professional.

Long-term health care is different than ‘normal’ health care. Whereas your health insurance handles medical costs, long-term health care coverage helps fund those services that help you live a normal life if you develop a disability or chronic illness or if old age limits your ability to care for yourself.

In-home care can cost $54,912 per year.

Source: “Genworth 2020 Cost of Care Study.”

Without coverage, these costs can add up quickly, and many uninsured families and friends end up draining their savings or dedicating their schedule to providing care to loved one.

When you plan for long-term health care, you relieve some of the stress of aging and become confident every outcome is accounted for.

Receive the right care when you need it

The last thing you should be worrying about when you face a health crisis or care need is the cost. When you have the right coverage and understand your benefits, you can receive the care you need immediately, without scrounging for the money to pay for it.

Select the solutions that fit you

You will have the option to receive care in your home or in the facility of your choice, without worrying about costs.

Protect your savings and leave a legacy

With long-term health care coverage, some of the most significant potential expenses in your golden years are covered, ensuring you can pass wealth to loved ones or charity.

Provide loved ones options when it comes to your care

Often long-term health care is provided by a spouse, family member, or friend; however, when full-time or specialized care is needed, this may not be an option.

By preparing for long-term health care, you are alleviating an enormous amount of physical and emotional stress for you and your loved ones, providing you all with a life you love.

What we offer

Traditional long-term care insurance

With a traditional policy, you can choose the amount of coverage, how long it lasts, and how long you wait to receive benefits. Premiums are not guaranteed and there is no residual value if care isn’t needed.

Asset-based long-term care coverage

Today, most people are opting to use hybrid models of long-term care, life insurance, and annuities to help fund their care needs into retirement.2

With a life insurance hybrid, long-term health care is covered if you need it, but if not, it will pay the face amount upon death. If you do have a long-term health care need, you can draw down the death benefit amount up to a monthly maximum to help cover care costs.

Using a long-term care annuity, you will receive long-term care coverage from a long-term tax-deferred retirement vehicle. Your investment will grow tax-free and will be taxable as ordinary income when distributed.

Your choice of carriers

To put your needs first, North Star Resource Group has remained an independent firm, ensuring our financial professionals can make customized recommendations and offer products from a variety of carriers.

Our long-term care insurance team

Consult with our specialists to find a long-term care solution that works for you.

Chris Sitek, CLTC®, CASL®, CLU®, ChFC®, RHU®, REBC®
Chris Sitek, CLTC®, CASL®, CLU®, ChFC®, RHU®, REBC®

Vice President Life and Long-Term Care

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1 “When to Start Receiving Retirement Benefits.” Social Security Administration Publication, No. 05-10147. Published January 2021.

2Gleckman, H. (2019, July 3). Sales of Traditional Long-Term Care Insurance Policies Continue to Fall. Forbes.

This information is not intended to promote any insurance company or any particular type of insurance product.

Life insurance products contain fees, such as mortality and expense charges (which may increase over time), and may contain restrictions, such as surrender periods.

Please keep in mind that the primary reason to purchase a life insurance product is the death benefit.

An annuity is intended to be a long-term, tax-deferred retirement vehicle.

Earnings are taxable as ordinary income when distributed, and if withdrawn before age 59 ½, may be subject to a 10% federal tax penalty. If the annuity will fund an IRA or other tax-qualified plan, the tax deferral feature offers no additional value. Qualified distributions from a Roth IRA are generally excluded from gross income, but tax and penalties may apply to non-qualified distributions. Please consult a tax advisor for specific information. There are charges and expenses associated with annuities, such as deferred sales charges for early withdrawals.