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What is long term care insurance?

Long term care is care that you need if you can no longer perform everyday tasks (activities of daily living) by yourself due to a chronic illness, injury, disability or the aging process. Long term care also includes the supervision you might need due to a severe cognitive impairment (such as Alzheimer's disease).It's easy to take our ability to perform day-to-day activities.. It’s important to consider your future healthcare needs as you build your retirement savings plans.Long term care insurance provides income if you become unable to care for yourself due to aging, an accident, illness or loss of mental abilities

Where are the services provided for long term care?

Long-term care services may be provided in any of the following settings:

1. In the home of the recipient.

2. In the home of a family member or friend of the recipient.

3. At an adult day services location.

4. In an assisted living facility or board-and-care home.

5. In a hospice facility.

6. In a nursing home.

What are the requirements for long term care?

Require substantial supervision to protect himself/herself from threats to health and safety due to severe cognitive impairment; and/or. Be unable to perform without substantial assistance from another individual at least two out of six of the activities of daily living (ADLs) for a period of at least 90 days.

Is hospice care considered long term care?

Hospice is a special type of care for people who are facing serious illness and who have a limited life expectancy. Hospice patients can receive services in the environment they choose, whether it is their own home, home of a family member, senior apartments, or a long-term care or assisted living facility.

When should you buy long term care insurance?


What is a long term care insurance policy?

Long-term care insurance (LTC or LTCI) is an insurance product, sold in the United States, United Kingdom and Canada, that helps pay for the cost of long-term care. Long-term care insurance covers care generally not covered by health insurance, Medicare, or Medicaid.

Are long term care insurance proceeds taxable?

Since amounts received for personal injuries and sickness are generally not includable in gross income, benefits received under qualified long-term care insurance are generally not taxable. But there is a limit on the amount of qualified long-term care benefits that may be excluded from income.

How much is insurance for a nursing home?

The average costs of nursing home insurance: Today, the average cost of a nursing home facility is around $70,000-$100,000 every year. Computed daily, these costs around $192 per day. The amount of course varies depending on the area.

You should consider this coverage if:

You’re concerned government programs are insufficient to meet your needs You want the financial resources to help you choose the type and level of care if you or need substantial care later in life You want to protect your wealth from being eroded by the cost of care

Long term care insurance can help you:

Bring care into your home Lessen the burden on care-givers

Long Term Care Insurance

Long Term Care Insurance

Protects against significant healthcare costs in retirement with the added security of protection against the impacts of severe illness or accident that can happen at any time.


- This plan offers a weekly benefit of $150 to$3000 depending on the company.


- Shorter waiting periods of 90 or 180 days to begin receiving benefits sooner


Short Term Care Insurance

- Protects against shorter term healthcare costs

- This plan offers a weekly benefit of $500 to $2,300 or more, depending on the company.

- Companies offer longer waiting periods of 1 or 2 years for a lower-cost alternative.


Can you deduct long term care insurance premiums on taxes?

Premiums for "qualified" long-term care insurance policies are tax deductible to the extent that they, along with other unreimbursed medical expenses), exceed 10 percent of the insured's adjusted gross income.

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