What is long-term care coverage?

Long-term care (LTC) is any personal assistance you need to maintain your quality of life as you get older. Chances are, you’ll need LTC at some point. The majority of us will.

In fact, 7 out of 10 people turning 65 will need LTC at some point in their lives.1 Long-term care insurance coverage can be added to a life insurance policy, either as a rider or linked benefit, to help cover LTC expenses.

Some people think that long-term care only covers nursing home expenses. In reality, half of all long-term care services are provided in the home. Long-term care coverage was developed to help offset the cost of these services.

Why you need long-term care

  • Health insurance doesn’t cover long-term care expenses.
  • Medicare will cover some long-term care costs, but only up to 100 days (after a 3-consecutive-day stay in a hospital under treatment).
  • Medicaid will cover long-term care expenses for individuals with assets of $2,000 or less (countable assets according to Medicaid regulations; varies by state) and covered care could be limited to a nursing home.
  • Paying for care out of pocket isn’t practical or cost-efficient for many people.

Long-term care basics

Our Long-term Care Basics site gives you more than just a brochure. It’s an interactive experience that can simplify long-term care.

Visit our interactive website

[1] Share of LTCI Claims Starting with Nursing Care Falls: AALTCI”, ThinkAdvisor, Allison Bell – April 20, 2018.