Long-Term Care Insurance

In today’s health-conscious society we promote living a healthy lifestyle.  As a result, many of you may live well into your 80s, 90s or beyond.  When you live a long life, the likelihood that you'll need long-term health care is greatly increased.  A recent  article in the Wall Street Journal reports, “More than 70 percent of Americans over the age of 65 will need long-term care services at some point in their lives, according to a study by the U.S. Department of Health and Human Services.” The irony is, however, that few people believe they will ever need long-term care; it’s always the other person.  And those who acknowledge the possibility of some day needing such care, expect family members to provide it.  Whether you receive care from a nursing home, a community-based service, or a family member, long-term care costs can be expensive—so, you need to plan for them.

Note that Long Term Care Insurance (LTCI) is not designed only for the elderly.  A younger person might need long-term care as a result of a serious accident or illness.  Long-term care is really a variety of different personal and household services for people who cannot care for themselves. These services range from basic help with daily activities at home like bathing or dressing to care in a nursing home or assisted living facility.  If your are in generally good health and do not wish to participate in your employer's group plan, you may consider purchasing an individual LTCI policy.

Insurance Industry Definition: 

Sold either on a group or individual basis. Pays for nursing home or home health care costs including room, board and medical expenses.

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