The care you need in the place you want it. The peace of mind knowing that you’re covered.

Let’s explore the benefits of long-term care insurance

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LTC

What’s my real risk of needing long-term care?

Long-term care insurance helps protect your savings while giving you control over where you receive care whether that’s at home or in a facility.

Did you know that if you’re turning 65 today, you have an almost 70% chance of needing some type of long-term care services and supports in your remaining years and that Medicare doesn’t cover many of these needed services?You don’t think twice about insuring your home when there’s only 5% chance that you’ll need to file a claim,2 yet you have a 70% chance of needing care supportsThis is why the time to start thinking about long-term care is nowOnce you’re ill, it will be too late so don’t wait. 

What is long-term care?

Long-term care is the assistance people need when they can no longer independently perform certain activities. These activities fall under two categories:

  • Activities of Daily Living (ADL) include basic personal tasks like eating, bathing, dressing or toileting.

  • Instrumental Activities of Daily Living (IADLs) are tasks like taking medication, caring for a pet, shopping for groceries, making appointments or performing housework.

These needs typically arise as part of the normal aging process but can also be due to injury or illness such as an accident, stroke or cognitive impairment like Alzheimer's disease.

How much care will you need?

No one wants to think that they’ll need any sort of care, but life happens. Whether it’s short-term care following an accident or long-term care for an illness, care planning is important to consider no matter the age or stage. Some further statistics to consider:

  • Women tend to need care longer (3.7 years) than men (2.2 years)3
  • 20% of today’s 65-year-olds will need long-term care for longer than five years.4

  • Almost half (49%) of long-term care insurance claims last for one year or less.5

What is long-term care insurance?

Long-term care insurance is designed to help you pay for assistance with the daily activities of life that are not covered by health insurance, Medicare or Medicaid. These include tasks that you or a loved one can no longer perform independently like eating, bathing, dressing or taking medication. This assistance is often provided either in the home or in a facility. Caregiving is not performed by family members but rather by a paid professional or facility able to handle chronic illness, health conditions and specific care needed by the policyholder.  

What’s the difference between long-term care and short-term care insurance?

A short-term care policy is an alternative to long-term care insurance that provides benefits for less than 12 months. Premiums for short-term care policies are often lower than a long-term care insurance policy because insurance companies usually charge less for shorter-term coverage.

Why choose long-term care insurance?

Because Americans are living longer, the chances of needing help with the basic activities of life may increase as you age. Having long-term care insurance helps with those needs. It also offers independence and a degree of flexibility when choosing a facility or deciding to stay home. The cost of long-term care can be significant, which is another reason to consider it.

Types of long-term care insurance

  • 1

    Comprehensive long-term care insurance

    • May cover both nursing home care and home health care expenses.
    • Offers freedom of choice.
    • May cover expenses for assisted living facilities and adult day care.
  • 2

    Facility-only long-term care insurance

    • Typically covers long-term care expenses associated with nursing homes, assisted living facilities and Alzheimer's facilities

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FAQs about long-term care

Where is long-term care offered?

Long-term care doesn’t necessarily mean a nursing home. You can receive long-term care in a variety of settings, including:

Adult day care center where care is provided during the day for adults usually in a public group setting.

Assisted living facility is a residential arrangement that may provide personalized care and health services. Residents may need help with activities of daily living like bathing and dressing. This type also may be called custodial care, domiciliary care, intermediate care, personal care, residential health care, sheltered care or supported care facilities.

Hospice care is provided to relieve pain and manage the symptoms associated with a terminal illness and any related conditions. Hospice care may be provided by an agency that specializes in relieving pain, managing symptoms and supporting dying persons and their families.

Nursing home is a licensed facility providing around-the-clock room and board, nursing care and personal services. Nursing homes also may offer medical care, therapy and other health-related services.

Your home where you can receive services and supplies without having to leave. Common options are home health care, adult day care, hospice care and respite care.

Other types of long-term care include:

Custodial care (also called personal care), which helps you perform the activities of daily living with help from someone who doesn't have professional medical training.

Skilled nursing care, daily nursing and rehabilitative care performed only by or under the supervision of skilled medical personnel.

Many long-term care insurance policies cover expenses at an accredited assisted living facility but you need to do your research .

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