What is LTC Insurance?
Did you put on socks today, or take a shower, eat breakfast, maybe go to the grocery store get groceries?
Of course you did! These are the elements of daily life, but if you’ve had a stroke, been in an accident, developed Alzheimer’s Disease or any other disabling ailments these everyday tasks become monumental challenges.
Predominately LTC has come to mean “home care coverage,” the care that allows you to live independently in your own home. LTC can also cover hospice care, nursing facility care, assisted living and adult day care. LTC insurance pays when you cannot take care of yourself.
It is impossible to predict the type of long term care you will need. So you’ll want a policy that gives you flexibility and coverage for home health care, assisted living, and nursing home care.
Having your daily needs met when ill can be an expensive proposition. This chart provides details on the type of care you will need and receive.
Straight Talk Tips
Make sure the policy that you do choose has a “future service” or “alternative” option. That way if new care is available in the future, you’ll be covered.
An important note on Medicare and Medicaid. Medicare covers only short term rehabilitation, not extended care. Medicare is not designed to be there for the long haul. Medicaid is a program for the poor, and only kicks in for you once you become poor. Once you’ve exhausted your nest egg, Medicaid will be eligible to you.
| Home Care In-home medical care by a caregiver of your choice |
Assisted Living Apartment-style independent living |
Nursing Home 24/7 full time care |
| Therapy services in home | Licensed health care on-site | Skilled Health Care |
| Personal hygiene assistance | Meal services | Rehabilitation Care |
| Housekeeping help | Housekeeping services | Personal Hygiene care |
| Meal preparation | Coordinated social activities | Meals |
| Care coordinator | Care coordinator | Care coordinator |
| Transportation to appointments | ||
| Home modification services |