Long Term Care Insurance
Long Term Care (LTC) can be defined as residential, in-home, and community based services for individuals requiring assistance with activities of daily living due to functional or cognitive impairment. LTC provides specialized personal and rehabilitative services that include social, residential, rehabilitative and medical care. Typically, LTC is required because of aging, a prolonged physical illness, a disability or cognitive impairment (such as Alzheimer’s disease). There's a good chance that you may need to pay for nursing home, assisted living, or home health care one day. In fact, more than half of the U.S. population will require long-term care at some point in their lives. If you're concerned about being financially secure during your retirement years, you owe it to yourself and your loved ones to protect yourself against what could be the greatest threat to your financial security, the cost of long-term care.
Who Pays For Long Term Care (LTC)? Many people are under the impression that Medicare, Medicaid or their health insurance will pay their Long Term Care costs.
- Medicare has eligibility requirements for skilled nursing care only and is for a limited time period.
- Medicaid is a welfare program. It will NOT cover long term health care costs for the average American.
- Health insurance and medical supplements DO NOT cover nursing home care.
- Individuals and families through their savings, assets, and cash pay most of the Long Term Care costs.
