What is Long-term Care Insurance?

Nearly 70% of people over the age of 65 will need some form of long-term care at some point in their lives, but traditional health insurance is not designed to cover the cost of long-term services.  Long-term care insurance helps provide peace of mind for seniors concerned about burdening their families with the cost of care. Long-term care insurance generally covers home care, residential care, hospice, and memory care. A standard long-term care policy can pay for anything from a few hours to 24-hour 7-day care, depending on the client’s needs. Don’t wait till retirement age to sign up for a long-term care policy. It costs much less to buy a policy when you are younger, and once you are already receiving care it is typically no longer possible to qualify for coverage.

To activate, most policies require:

  • care for at least ninety days
  • unable to perform at least TWO activities of daily life, such as bathing, dressing, OR significant cognitive impairment

To process claims, providers usually require:

  • a plan of care from your doctor or from a nurse affiliated with your care provider
  • the invoices from your care provider
  • daily care logs

Claims usually must be filed by the policy holder, but if family is not nearby to manage the paperwork, your home care agency will work with the caregiver and the insurance provider to make sure the necessary paperwork is filed on time.

For more information, visit longtermcare.gov.