Long term care insurance (LTC insurance or LTCI) is a type of insurance sold in the United States, United Kingdom, and Canada. It helps provide for the cost of long term health care. Long term care insurance covers health issues that are not typically covered by other health insurances, Medicare or Medicaid. This includes people who need help with basic daily living tasks including getting dressed, bathing, eating, walking, etc. Age is not a factor when determining need of long term care.
Health care can be very expensive. More than half of the bankruptcies that occur in the United States caused by health care problems. Long term care insurance is a means to protect your family from the costs of long term care. It also provides you and your family choices relating to how care is received. Often, people can even stay in their own homes instead of being moved to assisted living facilities and nursing homes.
It is best to plan for long term care insurance before you have significant health problems. This will reduce the cost of the plan and provide you with more options. Since Medicare and Medicaid do not cover in-home services, LTC insurance is incredibly valuable for those who want to stay in their own home and don’t want to pay all costs out of pocket.
It is also important to note that in many cases, long term care insurance is tax deductible.
Long Term Care Insurance - LTC Health Costs