Long term care insurance
Long term care (LTC) refers to the assistance that people with serious illness, injury, or cognitive impairment require with activities of daily living. This skilled care is provided by nurses, therapists, or other healthcare professionals.
The average cost of LTC in the United States is $6,163 per month for home care*. A majority of people believe that medical insurance, such as their private health insurance or HMO, will pay for all or much of their LTC needs. However, in most cases general health insurance only provides very limited coverage.
That is where long term care insurance (LTCi) comes in. It is designed to help cover the expenses associated with the need for LTC, including personal and custodial care in a variety of settings such as your home, adult day care facilities, assisted living, nursing facility, or hospice.
*U.S. Department of Health and Human Services. National Clearinghouse for Long-Term Care Information, www.longtermcare.acl.gov/the-basics/how-much-care-will-you-need, February 2020
