Long Term Care Insurance Plans
What is Long Term Care Insurance?
Nationwide long-term care insurance (LTCI) plans 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 for seniors nationwide 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.
A few things to take into account when considering a Long Term Care Insurance Plan:
- Medicare provides coverage for long-term care only when you need skilled services or rehabilitation. However, Medicare does not cover non-skilled assistance with Activities of Daily Living (ADL), which are the main types of services needed for long-term care.
- There are many different ways to receive care and many different settings in which to receive it.
- Where you live matters – your ability to stay at home may depend on the layout of your home, especially the bathrooms.
- Preparing for long-term care can provide financial protection for your family, shielding them from the financial burden of care expenses. It can also alleviate the emotional strain of having to make decisions on your behalf.
- You can figure out how to pay for services and identify people who can help by assessing your available resources. There are different ways to prepare for the cost of care in advance, such as having insurance or savings.
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 is someone who can assist you while you live at home, and they can be a family member, partner, friend, or neighbor. Unpaid caregivers, who make up around 80 percent of home care, provide a range of services such as emotional support, financial assistance, nursing help, social engagement, household chores, and more. On average, caregivers dedicate about 20 hours per week to providing care. Many caregivers (58%) have significant responsibilities that involve assisting with personal care activities like bathing or feeding.
Where Can You Receive Care?
The majority of long-term care is provided in people’s own homes. However, there are also other types of long-term care services and support available through community organizations and in specialized care facilities.
Some examples of home care services include:
- An unpaid caregiver who may be a family member or friend.
- A nurse, home health or home care aide, and/or therapist who comes to the home.
Community support services include:
- Adult day care service centers.
- Transportation services.
- Home care agencies that provide services on a daily basis or as needed.
These services often add to the care you already receive at home or give your family caregivers a break.
Beyond your home, there are different programs available in facilities that offer more choices:
- Nursing homes offer a wide array of services, including nursing care and round-the-clock supervision.
- Other options in facilities include assisted living, board and care homes, and continuing care retirement communities. However, the level of control over the care providers may vary depending on the type of facility. You might not have the freedom to choose who delivers the services, and you may have limited input on their schedule.
