Long-Term Care

Our Partner

Long-term care (LTC) insurance is coverage that provides nursing-home care, home-health care, and personal or adult daycare for individuals age 65 or older or with a chronic or disabling condition that needs constant supervision. LTC insurance offers more flexibility and options than many public assistance programs, such as Medicaid.

Key Takeaways

  • Long-term care insurance usually covers all or part of assisted living facilities and in-home care for people 65 or older or with a chronic condition that needs constant care.
  • It is private insurance available to anyone who can afford to pay for it.
  • Long-term care insurance offers more flexibility and options than Medicaid.

1 in 8 Americans over 65 has Alzheimer’s disease. It’s the only cause of death in the top 10 in America that cannot be prevented, cured, or slowed. Almost two thirds of Americans with Alzheimer’s disease are women. 1 in 3 seniors dies with Alzheimer’s or another dementia. Alzheimer’s disease is the 6th leading cause of death in the United States. In 2015, Alzheimer’s and dementia will cost the nation $226 billion.

In United States it cost about $3,500 a month for a one-bedroom assisted living apartment in 2014. On average in America it cost $42,000 per year. Assisted living costs vary, depending on the following factors:

  • type of residence
  • size of apartment
  • types of services needed
  • geographical location of the community
  • 24-hour supervision and security
  • Daily meals
  • Basic housekeeping
  • Laundry
  • Health and exercise programs Social programs Transportation
  • Access to medical services

A long-term care insurance policy helps cover the costs of that care when you have a chronic medical condition, a disability or a disorder such as Alzheimer’s disease. Most policies will reimburse you for care given in a variety of places, such as: Your home.

5 Top Benefits

  • The daily benefit amount.
  • The amount of inflation protection.
  • The length of benefit payments.
  • The waiting period before benefits begin.
  • Your current age.