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Long term care insuranceLong term care insurance (LTC) - Do you need LTC?

Long term insurance important topics

What is long term care insurance?

Long term care insurance refers to the insurance for the service given to a person who is suffering from disability or a prolonged illness. Activities included and covered in long term care insurance  are  the assistance and personal custodial care of a person in activities such as dressing and bathing to providing skilled full time nursing and therapy help.

Why is long term care insurance valuable?

Medicare usually does not cover long term care insurance! Also, almost 40% of the population requires long term care after the age of 65.Nursing home care is provided by Medicaid only for those who qualify as satisfying poverty guidelines

Who should take long term care insurance?

While there is no denying that long term care insurance is valuable, the extremely high long term care insurance premium that insurance companies charge make long term care insurance prohibitively expensive for most people. People usually find that they cannot pay long term insurance premiums especially at the age that they need long term care.

In summary, long term care insurance is extremely valuable, but only those who prefer to be financially independent and have huge personal assets that are retained at an older age should opt for long term care insurance. 

Custodial care is also usually not provided by long term care insurance- as in any other insurance policy,it pays to read the fine print when taking long term care insurance.



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Last modified: August 31, 2005