An older couple out for an evening stroll, knowing South Dakota Senior Insurance Agency (SDSIA) long-term care insurance has them both covered.

If you value your independence, but just need a little help with things like grocery shopping, bathing and fixing meals, a long-term care insurance policy is the perfect choice for you.

Long-Term Care Insurance

South Dakota Senior Insurance Agency (SDSIA) offers long-term care insurance options that may allow you to remain in your home without spending your retirement savings on long-term care services.


A Long-term Care Policy may be a good choice for you if:

  • You would like to remain in your home as long as possible
  • You would like to spend more time with your family
  • You would like to protect your retirement savings

How a Long-Term Care Policy Works

  1. A licensed health care practitioner must certify that you are chronically ill and submit a plan of care prescribing long-term care services.
  2. When you purchase a long-term care policy, you will select an elimination period, during which time any costs for long-term care services are your responsibility.
  3. Once you’re eligible for benefits, you have the option to choose how the benefits are paid to you. You can choose either a traditional reimbursement benefit, which is payable after satisfying your policy’s elimination period, or you can receive a cash benefit with no elimination period to satisfy.
  4. For as long as you remain chronically ill and are eligible for benefits, your policy will continue paying for long-term care services until your policy limit is reached.

Call us today at (605) 939-4825 for more information about long-term care insurance policies!

The best time to buy a policy

The ideal time to buy long-term care insurance is before it’s needed. While there’s no way of knowing when exactly that will be, there are a couple of things to consider when thinking about purchasing a long-term care policy:


Age

Your age determines the cost of your long-term care policy, meaning that the longer that you wait, the higher the cost.


Your Health

Being in good health determines if you are eligible for long-term care insurance. A sudden change in your health could make you ineligible for coverage, making purchasing one while you’re in sound health critical.


Cost of Care

Below are the costs for long-term care services in South Dakota, with estimates for the future that include inflation.

Home Health Care

Average Costs in 2018

Projected Costs in 2040

Home Health Aide

$27.81 per hour

$53.29 per hour

Licensed Practical Nurse (LPN)

$148.53 per hour

$284.60 per hour

Registered Nurse

$147.85 per hour

$283.30 per hour

Assisted Living Facility

Average Costs in 2018

Projected Costs in 2040

One Bedroom Unit

$4,229.16 per month

$8,103.51 per month

Nursing Home

Average Costs in 2018

Projected Costs in 2040

Semi-Private Room

$232.69 per day

$445.86 per day

Private Room

$264.53 per day

$506.87 per day

Annual cost for home health aide is based on services received 44 hours per week, 52 weeks per year. Annual cost for LPN and RN can be determined based on the actual number of hours services are required.

Source: Mutual of Omaha Insurance Company's Cost-of-Care Study conducted by LTCG, 2018; released April 2019

Call us today at (605) 939-4825 for more information about long-term care insurance policies!