- Long-term care (LTC) is assistance with activities like bathing, dressing or eating for a period greater than 90 days.
- LTC can range from care at home to skilled care in a nursing home or memory facility.
- LTC is not covered by traditional health insurance, HMO plans, Medicare or Medicare supplement policies.
- Some health plans may cover nursing home or home care but only on a short-term or limited basis.
What is LTC Insurance?
- LTC insurance is designed to help you conserve assets and live with dignity and independence when physically or mentally impaired.
How Does LTCi Work?
LTCi benefits trigger:
- When you need help with at least 2 of 6 Activities of Daily Living (ADLs): bathing, dressing, toileting, transferring (to and from bed), continence, eating.
- When you need help because of cognitive impairment: Alzheimer’s, dementia, depression, memory, reasoning, orientation, behavior.
- When care is expected to extend beyond 90 days.
- The good news is we’re living longer.
- The bad news is we’re living longer.
- Over age 65, we stand a 50-50 chance of needing some form of LTC service and support in our remaining years.
- Women typically need care longer (3.7 years) than men (2.2 years).
- Of those in LTC over age 65, 20% will need care for more than 5 years.
- It can happen anytime: a 2012 Kaiser Foundation survey found that of the total population needing long-term care 50.2% were under age 65.