Long-Term-Care Insurance


Long-Term Care Insurance (LTC or LTCI)

Long-term Care Insurance a program that provides for the cost of long-term care beyond a predetermined period. Long-term care insurance covers care generally not covered by health insurance or Medicare.

Individuals who require long-term care are generally not sick in the traditional sense, but instead, are unable to perform the basic activities of daily living (ADLs) such as dressing, bathing, eating, toileting, continence, transferring (getting in and out of a bed or chair), and walking.

Age is not a determining factor in needing long-term care. About 60 percent of individuals over age 65 will require at least some type of long-term care services during their lifetime.

Who Is More At Risk for Needing Long Term Care?

Your age, marital status, gender, lifestyle and, to some extent, your family health history all play a part in the possibility of needing long term care.According to insurance actuarials, you are more at risk if you:

  • are older
  • are a woman
  • are single
  • have a poor diet
  • don't exercise regularly
  • smoke
  • have a family history of Alzheimer's, stroke, arthritis, or other degenerative diseases.
  • Also, physical activities that can cause severe accidents should be included as a definite risk.

Why People Buy Long Term Care Insurance?

Here are six most common concerns about long term care and the reasons people buy long term care insurance:

  1. Burden - Do not want to be a financial or emotional burden on others.
  2. Access to quality care - Being able to select a quality facility in a location of my own choosing.
  3. Aversion to welfare (Medicaid) - Not wanting to be dependent on the government for care.
  4. Asset protection - Preserve assets for healthy spouse, inheritance for children or donation to charity.
  5. Control and independence - I want to maintain personal control in the choices I make.
  6. Peace of mind - Knowing I am protected instead of worrying about what could happen.

If you haven't had firsthand experience with someone needing long term care you may not have fully experienced the impact that long term care has on a family.

If you not yet protected yourself with long term care insurance either you do not know about it or maybe you have been just hoping that it won't happen to you.

If you're over 50 then so far you've been lucky, you might say that the sun has been shining on you! On the other hand a storm may be nearby, so just keep reading, because the more you know, the more informed a decision you will be able to make.