What is long term care insurance?

Long-term care (LTC) insurance is an insurance product that helps provide for the cost of long-term care beyond a predetermined period. LTC insurance covers care generally not covered by health insurance, Medicare, or Medicaid. Almost 70% of people turning age 65 will need long-term care at some point in their lives. However, age is not a determining factor in needing long-term care.

Long-term care usually means supervision or assistance with everyday tasks like bathing and dressing and does not require a licensed person to provide those services. Some of these elder care insurance policies only pay for care in institutional settings such as a nursing home or an assisted living facility, while some only pay for home care. However, there are more comprehensive policies like nursing home insurance, which pays for care in a nursing home, assisted living facility, at home, or in community settings like adult day care.

A few things to take into account when considering long-term care:

  • Medicare only pays for long-term care if you require skilled services or rehabilitative care and Medicare does not pay for non-skilled assistance with Activities of Daily Living (ADL), which make up the majority of long-term care services.

  • There are many different ways to receive care and many different settings in which to receive it. Let me help you find the right coverage 

  • Where you live matters – your ability to stay at home may depend on the layout of your home, especially the bathrooms

  • Planning for long-term care can protect your family from the financial impact of paying for care and the emotional impact of making decisions for you

  • By taking an inventory of your resources, you can determine how you will pay for services and who you can count on to assist. Options exist for pre-funding the care you need such as insurance or savings