Is long-term care insurance worth purchasing?

Long-term care insurance value depends on individual circumstances: LTC is potentially worth it if you have assets between $200,000–$2,000,000 to protect (Medicaid requires spending down assets first; very wealthy can self-insure), you can afford premiums without financial strain, you're in good health and can qualify, you have a family history of dementia or chronic illness, and you want to preserve assets for heirs or avoid burdening family caregivers. It may be less valuable for those with very few assets (Medicaid eligibility) or unlimited assets (self-insurance). Maintaining mobility through foot health reduces LTC risk — Balance Foot & Ankle serves Howell and Bloomfield Hills, MI — call (810) 206-1402.

What is the average length of long-term care need?

Research shows the average person requiring long-term care needs it for approximately 2–3 years. About 70% of people turning 65 will need some form of LTC in their lifetime. Women need care for an average of 3.7 years; men for 2.2 years. About 20% will need care for 5+ years (usually dementia-related). 30% will need no formal LTC at all. Nursing home care averages about 1 year; most care is at home or in assisted living. These statistics inform LTC insurance benefit period selection. Reducing fall risk through proper foot care reduces LTC needs — Balance Foot & Ankle in Howell (4330 E Grand River) and Bloomfield Hills (43494 Woodward Ave #208) — call (810) 206-1402.

What are alternatives to long-term care insurance?

Alternatives to traditional LTCI include: self-insurance (investing an equivalent amount to fund potential care costs), hybrid life insurance with LTC rider (death benefit or LTC benefit — premiums guaranteed, benefit not wasted if unused), Medicaid planning (intentional asset spend-down for those who qualify), home equity (reverse mortgage or home sale to fund care), veteran's benefits (Aid & Attendance for qualifying veterans), health savings accounts (HSA funds can pay LTC premiums and some care costs), and family caregiving arrangements. Each has trade-offs. Preventing or delaying LTC need through good health management — including foot care — is the best strategy. Balance Foot & Ankle — call (810) 206-1402.

How do you file a long-term care insurance claim?

Filing an LTCI claim involves: notifying your insurer as soon as LTC needs arise (early notification matters), submitting physician documentation of your condition, having a licensed healthcare professional assess your ADL or cognitive impairment status, completing the insurer's care plan requirements, satisfying the elimination period (typically 30–90 days of paid care), then receiving reimbursement or indemnity payments per your policy. Some policies require using licensed care agencies; others allow any qualified caregiver. A claims advocate or eldercare attorney can help navigate complex claims. Foot-related mobility impairment may be part of the documented disability — Balance Foot & Ankle in Howell and Bloomfield Hills, MI — call (810) 206-1402.

What is the biggest mistake people make with long-term care planning?

The most common LTC planning mistakes are: waiting too long to purchase (health decline makes qualification impossible or very expensive), underestimating the cost of care (national average exceeds $90,000/year for nursing home; $55,000 for assisted living), assuming Medicare covers long-term care (it does not — only short-term skilled care), relying on family caregivers without planning (caregiver burnout is common), and not including inflation protection in LTCI policies (care costs double every 15–20 years). Planning early — while healthy — maximizes options. Proactive health management including foot care reduces LTC risk. Balance Foot & Ankle in Howell and Bloomfield Hills — call (810) 206-1402.

When should I see a podiatrist?

For persistent foot/ankle pain, difficulty walking, numbness, non-healing wounds, skin changes, or deformities. Dr. Biernacki offers same-day appointments. Call 810-206-1402.

Does Dr. Biernacki accept insurance?

Balance Foot & Ankle accepts most major plans including BCBS, Aetna, United, Cigna & Medicare. Call 810-206-1402 to verify coverage. Affordable self-pay options available.

What to expect at your first podiatry visit?

Comprehensive evaluation including history, exam, biomechanical assessment, and in-office X-rays. Same-day diagnosis and treatment when possible. Most visits take 30-45 minutes.

What happens if you never use your long-term care insurance?

Traditional policies are 'use it or lose it' — premiums paid are not refunded. Hybrid policies (combining life insurance with LTC benefits) return a death benefit if LTC is never used. Some policies offer return-of-premium riders at additional cost.

How can you reduce your chances of needing long-term care?

Regular exercise (especially balance and strength training), maintaining healthy weight, managing chronic conditions (diabetes, heart disease), regular foot care to prevent falls, staying socially engaged, and cognitive stimulation all reduce long-term care risk.

✅ Medically reviewed by Dr. Thomas Biernacki, DPM — Board-Certified Podiatrist · Last updated April 6, 2026

Is Long Term Care Insurance Worth It? [Interview with Dan Tripp]

Name: Is Long Term Care Insurance Worth It? [Interview with Dan Tripp]
Uploaded: 2022-07-15T15:32:17-04:00
Channel: Dr. Tom Biernacki, DPM
Description: ✅ Medically reviewed by Dr. Thomas Biernacki, DPM — Board-Certified Podiatrist · Last updated April 6, 2026 Is Long Term Care Insurance Worth It? [Interview with Dan Tripp] Is Long...

Is Long Term Care Insurance Worth It? [Interview with Dan Tripp] 👉Is Long-Term Care Insurance Worth It? We interview Insurance specialist Dan Tripp in the Metro Detroit area regarding long-term care insurance.👈 What Are the Odds of needing long term care insurance? According to the American Association for Long-Term Care Insurance: “The lifetime probability of becoming disabled in at least two activities of daily living or being cognitively impaired is 68% for people age 65 and older.” Is long-term care insurance worth it? It is wise to look at the statistics, but your odds are zero or 100%. So basically, if you need it, it is an amazing deal; if you don’t, it is a horrible deal. You either will need care, or you will not. If you need care for more than four or five months, you will be glad you have long-term care insurance. It is worth having if you use it because you would essentially be paying a very small amount for, on average, $5,000 to $6,000 per year. Should you get long-term care insurance? Long-term care insurance allows you to maintain your independence and afford quality care. It also helps reduce the financial and psychological stress a long-term care event can impose on your family. The cons are the cost of the premiums. Whether you buy insurance or not, you want a plan in place so that you and your family know what to do if you need care. That plan involves talking to family and friends about their ability to help if and when help is needed. You may also want to consider alternatives to long-term care insurance, such as making arrangements to live with family or friends or moving into a continuing care community. Get Home Care Assistance in Michigan with Assisting Hands Home Care:

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Our Recommended Products: https://www.michiganfootdoctors.com/recommended-foot-doctor-products/// 📢See a Physician!📢 See a Physician if you have a health issue. This information is NOT specific to your medical problem. If in Michigan, consider seeing us:

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Directions: https://g.page/r/Ca4Dg-JS_3XPEAE 👉– LINKS –👈 (With some links, we use affiliate links and may earn a commission. Check with your doctor before using any product!) 📢Disclaimer:📢 This video and description contain affiliate links, which means we may receive a commission if you click on one of the product links. Thank you for your support of this channel! This is opinion only: Do not consider this video as a substitute for professional medical advice, diagnosis, or treatment for the viewer or reader. We strongly urge you to contact your physician with any questions regarding your medical condition. If you have an emergency, call 911 immediately or see your physician. Do not allow this information to let you disregard your professional’s medical advice or delay seeking information from this content. Do not rely on information provided by this general education video. Healthcare practitioners: The content here is for education purposes only. The authors have done their best to provide the most up-to-date evidence-based information, but this content should definitely not be considered any type of medical standard. It does not reflect individual practices in other geographic areas. This is strictly for medical education purposes only, and it is not intended for diagnosis or treatment. The information in these videos is the author’s opinion and is not an official opinion of any organizations that the authors may be a part of. The authors or speakers are not associated with any of the above products.

Getting Expert Foot and Ankle Care in Michigan: Balance Foot & Ankle

Michigan patients with any foot or ankle concern — from chronic pain and structural deformity to wound care, nail problems, and sports injuries — can receive expert podiatric evaluation at Balance Foot & Ankle. Our fellowship-trained podiatric surgeons provide the full spectrum of podiatric care, combining conservative and surgical options tailored to each patient’s specific diagnosis, activity level, and treatment goals. We are in-network with major Michigan insurance plans including Blue Cross Blue Shield of Michigan, Aetna, UnitedHealthcare, Cigna, Medicare, and most Medicare Advantage plans. Both of our Michigan offices — Howell at 4330 E Grand River (serving Livingston County) and Bloomfield Hills at 43494 Woodward Ave #208 (serving Oakland County and northern Metro Detroit) — offer same-week new patient appointments, in-office digital X-ray, and dedicated parking. Michigan patients ready to address their foot or ankle problem can call (810) 206-1402 to schedule with Balance Foot & Ankle.

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Medical References & Sources

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📍 Located in Michigan?

Our board-certified podiatrists treat this condition at two convenient locations. Same-day appointments often available.

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Planning Your Healthcare Future?

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Clinical References

Brown JS et al. Urinary incontinence: does it increase risk for falls and fractures? Journal of the American Geriatrics Society. 2000;48(7):721-725.
Kempen GI et al. The assessment of disability with the Groningen Activity Restriction Scale. Social Science & Medicine. 1996;43(11):1601-1610.
Menz HB, Lord SR. The contribution of foot problems to mobility impairment and falls in community-dwelling older people. Journal of the American Geriatrics Society. 2001;49(12):1651-1656.

Insurance Accepted

BCBS · Medicare · Aetna · Cigna · United Healthcare · HAP · Priority Health · Humana · View All →

Howell Office

3980 E Grand River Ave, Suite 140

Howell, MI 48843

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Bloomfield Hills Office

43700 Woodward Ave, Suite 207

Bloomfield Hills, MI 48302

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Your Board-Certified Podiatrists

Dr. Tom Biernacki, DPM

Board-Certified · FACFAS

Dr. Carl Jay, DPM

Board-Certified Podiatrist

Dr. Daria Gutkin, DPM

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Same-week appointments available at both locations.

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(810) 206-1402