Long-Term Care Insurance for Beginners

LTC Consumer prides itself on being the go-to online long-term care (LTC) information site and your resource for LTC planning. We like to cover the basics as well as delving into the details. This week we thought we’d go back to the beginning – for those who are just starting to research long-term care insurance (LTCI), those who wish to share the reasons for their purchase with family and friends, or those who might want to review the product in general.

What is Long-Term Care Insurance?

LTCI originated as nursing home insurance and has since morphed into providing payment options for an assortment of care options in the home or in a facility. It provides you with income to pay for the professional care you need instead of cashing in your retirement savings or relying on family and friends. You can maintain your independence in the place that you choose. It provides peace of mind for the policy holder and for their loved ones.

What does it cover?

Depending on the specific policy, LTCI covers a wide variety of treatments and facilities. Here are just a few:

  • Home Health Care
  • Respite Care
  • Hospice Care
  • Personal Care in Your Home
  • Assisted Living Facilities
  • Adult Day Care Centers
  • Other Community Facilities
  • Nursing Homes
  • Memory Care Facilities
LTCI provides you with income to pay for the professional care you need instead of cashing in your retirement savings or relying on family and friends.
LTCI provides you with income to pay for the professional care you need instead of cashing in your retirement savings or relying on family and friends.

Why do I need it?

Many people believe that their health insurance, Medicare or Medicaid will take care of all of their care needs in the future. Unfortunately, this just isn’t the case. Health insurance will pay medical expenses, doctors’ services, and hospital stays. In many cases it will not cover the cost of a home health aide or assisted therapy. Medicare and Medicaid have a multitude of restrictions and limitations and can be explored further through the links above. LTCI protects your retirement savings, and your family from the burden of providing care.

“LTCI protects your retirement savings, and your family from the burden of providing care.”

If you have further questions, or would like to speak to someone about your options, speak to a specialist and see if LTCI is right for you and your family. Our LTC specialists are licensed in all 50 states and can answer any question, no matter how silly or complicated it may seem. Most of them have personal reasons for being in the business, and they are happy to make your planning a bit simpler and a lot less stressful.