Long Term Care Insurance
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.
Who Needs Long Term Care?
The older you are, the more likely you are to need Long Term Care. On average, women outlive men by 5 years so they may be more likely to live at home alone when they are older. Furthermore, if you have or your family has a history of chronic conditions such as diabetes or high blood pressure you may be more likely to need a Long Term Care insurance policy.
Who Will Provide Your Care?
A caregiver can be your family member, partner, friend or neighbor who helps care for you while you live at home. About 80 percent of care at home is provided by unpaid caregivers and may include an array of emotional, financial, nursing, social, homemaking, and other services. On average, caregivers spend 20 hours a week giving care. More than half (58 percent) have intensive caregiving responsibilities that may include assisting with a personal care activity, such as bathing or feeding.
