Long Term Care Insurance

The MBA wants to help its members get good advice and fair value in all of their financial planning.

With that goal in mind, the MBA offers several kinds of Long Term Care insurance through its insurance administrators.

It has always been important to have insurance against the risk of dying too young. But the MBA members are also concerned about the financial risk of living too long!



Request a Consultation for Long Term Care

To request a consultation online, please complete form below.

Click Here to submit a LTC Consultation Request Online

Request for Long Term Care Consultation

If you are interested in learning more about the Minnesota Benefit Association (MBA) Long Term Care
program, please complete the following questionnaire. A licensed Minnesota advisor working with the MBA will contact you within 2 business days.

To request a consultation via mail, please download, print, and complete the form below.

Click Here to download LTC Consultation Request PDF

What is long term care?

Long term care is assistance you need when you are either elderly and needing a little extra help, seriously ill, or if a disability renders you unable to carry out some of your activities of daily living. This includes assistance with your personal needs, and can include whether you choose to receive this assistance in your house, or in adult day care, assisted living, a nursing home, or in hospice. If you expect you have a good chance to live a long live, then there is a good chance that at some point you will need help with such things as bathing, dressing, taking your medications, and more. Today, over 50% of people will use Long Term Care services at some point in their life.

Why should you consider long term care insurance?

Long term care can be expensive. The current national median cost of in-home assistance is $19.00 per hour for Home Health Aides, or $44,479 per year for 44 hours a week of help. The national median cost per year for a private room in a nursing home is $83,950, or $230 per day. Costs are expected to continue to rise. In 2018, a year in a nursing home could cost as much as $105,867 and $141,872 by 2024.

Often times, the most common objection to Long Term Care Insurance is saying I never want to go to a nursing home. This is understandable! But it is important to note that 80% of claims that are paid by Long Term Care insurance companies are paid to home health care agencies. Hence, people are using their policies to have the services and medical support they need brought to their house, so that they won’t have to go to a nursing home!

Will you need long term care?

60% of Americans over age 65 will require some type of long term care in their lifetime and nearly 50% will spend some time in a nursing home after age 65.

The solution for many! Long Term Care Insurance…

LTC insurance provides you peace of mind and eases the burden on a spouse and/or family member should you require long term care. You can use this policy for home health care services, or in various kinds of facilities should you still require more help.

With good insurance, you remain in control of when you get care, the type of care you receive and who will provide the care for you.

Why purchase long term care insurance now?

LTC planning is best done by clients in their late 40s, 50s, and early 60s who are making a comprehensive financial plan for the future. At that age, their health will be comparatively better than when they are 70 or 75, and their issue-aged premiums will also be much more affordable.

In addition, a significant price break can be obtained when married couples obtain coverage together.

What products are available?

Through the MBA you have a wide choice of products for funding Long Term Care.

Option A is traditional Long Term Care insurance. These policies now cover in-home health care and assisted living care, as well as nursing home stays. Your policy can have an increasing benefit, so as to keep up with health care inflation.

Option B is called ‘Linked Benefit’ insurance. If you change your mind about the insurance, you can get all your payments back. And if you never make a claim, your heirs will receive a death benefit.

Option C is a life insurance policy with long term care benefits. If you need money for long term care, the insurance company essentially pays your death benefit early—perhaps when you and your family need it most.


Couple No. 1 bought Long Term Care insurance in their late 40s.
While the thought of another expense was not pleasing to them, they educated themselves to see what the premiums are now and what they might be in 5 years …..and realized buying it now would save them tens of thousands of dollars over their lifetime.
And though neither of them expected to need long term care any time soon, they did not want to take the chance of becoming uninsurable.

Couple No. 2 purchased Long Term Care insurance in their mid- sixties.
They are still in good health. They maintain an active lifestyle and work out almost everyday.
Though they have plans to move to a Retirement Community someday, they realized that something could happen which would catch them off guard. They wanted the assurance of a policy that will pay for their care in any setting.

Person No. 3 – Single individual age 60 purchased a ‘Linked-Benefit product.
He understands the need for long term care coverage, but is hesitant to pay for a product he may never need.

He also wants reassurance that he can change his mind after buying the product and get his money back. He used $100,000 in savings to purchase a new ‘Linked-Benefit’ policy.

  • He gets over $650,000 to pay for long term care if needed;
  • If he never uses the policy, his heirs receive a $217,000 death benefit
  • He can get his $100,000 returned in full if he changes his mind.


Our Board of Directors understands that people need a choice. Consequently, they have endorsed more than one long term care insurance provider. We are confident that we have a good fit for your needs as well as financially sound companies that have experience in the long term care field.

To receive information on free long term care workshops in your area or to have a licensed insurance representative in your area contact you with a free, no obligation quote, please contact Minnesota Benefit Association.