Long-term care insurance helps pay for a variety of supportive services that assist people with health or personal care that might result from a chronic disease, serious accident, sudden illness, or cognitive impairment such as Alzheimer’s disease. Long-term care services are different from traditional medical care because their focus is not necessarily to improve the medical condition of an individual, but to maintain the individual’s quality of life.
Long-term care services may be provided by a health care professional such as a nurse, a home health aide, or other personal care provider. Varying amounts and levels of care can take place in a variety of locations. This can range from a few hours of care per week in one’s home to around-the-clock care in a nursing facility.
Long-term care insurance policies may vary greatly so make certain to review the coverage provided by a prospective policy prior to purchasing. Some policies only cover the care you receive in a nursing home and exclude coverage provided in an assisted living facility. Or it may cover any type of long-term care facility but only at a set dollar amount per month. Some policies provide an unlimited monthly benefit, but a maximum lifetime benefit, and so on. Due to the variations in coverage between long-term care policies, it is imperative consumers understand the different benefit options available to them prior to purchasing a policy.
Medicare and other types of health insurance generally do not cover long-term care. Long-term care insurance policies vary greatly in the amount and scope of services they cover and the settings in which services are delivered.
