What Is Long-Term Care (LTC) Insurance?
What Is Long-Term Care?
Section titled “What Is Long-Term Care?”Long-term care refers to a range of services that support people who have difficulty performing daily activities due to aging, chronic illness, injury, or disability.
These services may include:
- Personal care: Bathing, dressing, eating, toileting, transferring, and continence assistance
- Home care: Help with chores, meal preparation, and medication reminders
- Community services: Adult day programs
- Facility-based care: Assisted living, memory care, and nursing homes
Long-term care is not typically covered by regular health insurance or Medicare, beyond short-term skilled care.
Why Do People Buy LTC Insurance?
Section titled “Why Do People Buy LTC Insurance?”Protect Savings and Assets Long-term care is expensive. Without insurance, costs may come out of your own pocket.
Reduce Burden on Family Without coverage, loved ones may have to provide ongoing care or manage finances on your behalf.
More Choice and Control LTC insurance allows you to choose high-quality care and remain at home longer.
Plan Ahead Buying coverage when you are younger and healthier usually means lower premiums.
What Does LTC Insurance Typically Cover?
Section titled “What Does LTC Insurance Typically Cover?”Covered Services
Section titled “Covered Services”- Home health aides
- Skilled nursing care
- Physical and occupational therapy
- Assisted living
- Adult day care
- Hospice and palliative care
- Nursing home care
Not Usually Covered
Section titled “Not Usually Covered”- Medical treatment (covered by health insurance or Medicare)
- Care from family members, unless they are licensed caregivers
Who Should Consider LTC Insurance?
Section titled “Who Should Consider LTC Insurance?”LTC Insurance Can Be Useful For
Section titled “LTC Insurance Can Be Useful For”- Adults ages 50 to 65 who are planning ahead for retirement
- People with substantial assets to protect
- People who want care options beyond Medicaid-funded facilities
It May Be Less Suitable For
Section titled “It May Be Less Suitable For”- People with limited income or assets
- People with health conditions that make premiums unaffordable