What is Long Term Care Insurance (LTC)?

Long Term Care (LTC) Insurance is an insurance you purchase which covers care which is not normally covered by health insurance, Medicaid or Medicare. LTC is for people who are not generally sick, but are no longer able to perform their own Activities of Daily Living (ADL’s) such as – dressing, bathing, eating, toileting, continence care, transferring, walking and medication administration.

It is noted that over 60% of people over the age of 65 will require some form of LTC during their lifetime. LTC Insurance is becoming very popular in the US, but can be very expensive. The rates are determined by such things as the amount of benefit, the length of the benefit, the elimination or waiting periods and your health rating. the best time to buy LTC Insurance is when you are healthy. Do not invest in LTC Insurance if you can’t afford the premiums over the lifetime of the policy.

Most plans will be effective when you cognitively cannot care for yourself or you just need help with Activities of daily living (as noted above).

Eligibility, deductables and options vary. Before you invest in LTC Insurance, be sure you know what your policy covers and if it make sense for you.