Long Term Care Insurance (LTCi)

What is Long Term Care Insurance (LTCi)?

Long Term Care Insurance is the insurance people buy to pay for the care received in at home, an assisted living facility and in a nursing home. The majority of care, as much as 85%, is provided at one's home or an assisted living facility. According to a recent Harvard Magazine article about Long Term Care, "Few people understand it. Nobody likes thinking about it. But at some point it touches nearly all of us."

How does LTCi fit in with my other health care coverage and Medicare?

The issue of healthcare is one of the most important issue facing baby-boomers and their parents today. Many do not realize that typical health insurance plans, HMOs, and Medicare do not cover many of the expense associated with long term care

Why should I consider LTCi?

With the costs approaching $300 per day for a semi-private room in a Nursing Home, it is important that people consider and evaluate how well they are prepared. According to financial guru Suze Orman, LTCi is used more than any other type of insurance -- 1 out of every 2 who have it use it. Some argue that this financial impact is far eclipsed by the effect needing long term care can have on one's family.

When should I consider LTCi?

According to nationwide survey, 40% of those receiving Long Term Care are between 18 and 64. Long Term Care Insurance is an important part of any financial or retirement plan. Many professionals recommend looking into LTCi as part retirement planning.

Ok, bottom-line it for me. Ultimately, LTCi helps preserve the quality of care and freedom of choice when one is recovering from an injury, illness, or when they reach an age when independent living is no longer an option

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