Long Term Care Insurance

What is covered by a policy?

Long term care insurance will pay for your care in one of two ways: 

1) Should you have a physical impairment and need assistance with Activities of Daily Living (ADL's); or

2) Should you have a cognitive impairment such as Alzheimer's or dementia and require verbal cueing

It pays for the cost of care you receive when you need help with activities of daily living (ADLs), such as eating, bathing, dressing, and mobility— normal activities that you may take for granted today, but due to your natural aging may become more difficult for you in the future.

This insurance will also pay for the cost of your care needed due to a cognitive impairment such as Alzheimer’s disease or dementia.

Settings where your care is received

You may receive your care in any setting--in your home, in an assisted living facility, at an adult day care center; and, of course, in a nursing home.  Most comprehensive long term care insurance policies will pay for the cost of your care received in any setting.

What kind of care is covered?

The care that is covered by this particular insurance may be either skilled care, rehabilitative care, or custodial care.

  • Skilled care includes nursing care and physical, occupational, respiratory, and speech therapy from licensed healthcare professionals on a daily basis, or on an intermediate rehabilitative basis.
  • Custodial care is the most common type of this kind of care, and includes help with daily activities such as eating, bathing and dressing.

Private health insurance and Medicare will typically pay for skilled care only.  Long term care is specifically excluded from private health insurance and Medicare.

Long term care insurance may also cover other items that allow an individual to stay at home such as:

  • Home modifications such as building a ramp for a wheelchair, or widening doorways
  • Caregiver training
  • Medical safety alert systems
  • Transportation
  • Informal care duties such as cooking, shopping, housekeeping

Many people buy long term care insurance to protect their retirement assets from the high costs of needing care. These benefits are tax free, and your premiums may be tax-deductible.

This type of insurance allows you to remain independent and receive your care with dignity in the setting of your choosing, without having to burden a spouse or partner, children, or other family members with caregiving duties.

See the 2 Types of Long Term Care Insurance Policies

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