Long-Term Care (LTC) Insurance
Coverage that provides nursing-home care, home-health care, personal or adult day care usually for individuals above the age of 65 or with a chronic or disabling condition that needs constant supervision. LTC insurance offers more flexibility and options than many public assistance programs.
Investopedia Commentary
Long-term care is usually very expensive, which is why most people need insurance. For example, on average, nursing facilities providing skilled care charge $150 to $300 per day, or over $80,000 a year or more. Even custodial home care at three visits per week can cost over $9,000 a year. Most LTC insurance policies will cover only a specific dollar amount for each day you spend in a nursing facility or for each home-care visit. Thus, when considering an LTC insurance policy, read the policies carefully and compare the benefits to determine which policy will best meet your own needs.
Related Links
Taking The Surprise Out Of Long-Term Care
Medicare: Defining the Lines
Medicaid Versus LTC Insurance
See also: Acitivites of Daily Living, Custodial Care, Federal Poverty Level, Long-term Care Insurance, Medicaid, Medicare
Also spelled: Long Term Care InsuranceLTC