Long Term Care Insurance (LTC)
Long term care (LTC) insurance, by definition, provides cost benefits for medical and other services to people who need such care in their homes or medical institutions. Since people are living longer lives due to advances in the medical field, the need for LTC is becoming more apparent.
When can it help?
If you ever have a long-term illness or a chronic condition, you may need help with the simple things like bathing, dressing and preparing or eating meals. Your family may want to help you, but they may not be physically able to provide care or their busy schedules may make it difficult to devote enough time to your needs. Aides can come into your home, but these costs are not usually covered by ordinary health insurance policies and Medicare. These expenses can quickly deplete your nest egg, no matter how much you've saved. This is when long term care insurance can help.
LTC insurance can help cover the cost of care you receive at home from nurses' aides, home health aides and therapists. It can help cover services in an assisted living facility and, if you require skilled care, nursing home expenses can be covered.
It helps you maintain your dignity and financial freedom and gives you the flexibility to participate in making choices that impact your care, including information about the services you receive, where you receive them and who provides the care you need.
Did You Know?
Nearly two-thirds of people over age 65 will need some type of long term care in their lifetime. And while most people think of long term care as impacting only those in their senior years, 40 percent of people currently receiving long term care services are ages 18 to 64.*
* U.S. Department of Health and Human Services National Clearinghouse for Long Term Care Information, 10/22/08.