Individual Long-Term Care (LTC) Insurance

 

Long Term Care is the type of care received either at home or in a facility, when someone needs assistance with activities of daily living, such as bathing and dressing due to an accident, an illness or advancing age.

 

Rising life expectancy means that the potential need for “long-term care” grows with every passing year of your life. The likelihood is that you or a member of your family will need long-term assistance due to a prolonged illness, a disability, or general deterioration of your health and ability to perform routine daily activities.

 

Most long term care expenses are not covered by Social Security or Medicare, Medicare Supplement (“Medigap”), or private health insurance. Medicaid pays for nearly half of all nursing home care, but you must meet federal poverty guidelines and may have to “spend down” most of your assets on health care.

 

Individual Short Term Recovery Care

 

A great addition or alternative to a large Long-Term Care insurance plan is the option for recovery care. These plans do not include all of the same optional riders as larger plans, and are limited in duration. However, they function the same way, and (in most cases) cover many of the same services for a lower cost.