Long term care insurance is exactly what it sounds like: Insurance that helps protect against the high cost of long-term care. Long term care insurance generally covers the cost of home health aides, skilled nursing, assisted living, and nursing homes.
Long term care is most frequently required due to the normal aging process, after a stroke or vehicle accident, or due to conditions like Alzheimer’s disease, rheumatoid arthritis, multiple sclerosis or diabetes.
In-home care can consist of:
- Personal Care Assistants or Companions, who help with household tasks like cleaning, cooking, and running errands
- Home Health Aides who help with personal care like bathing and dressing
- Nurses, who help with IVs, medications, and more complex health issues
Facility care can include:
- Adult Day Health Care, which offers daytime social and therapeutic activities while still living at home
- Assisted Living, which allows for independent living with on-site support for daily basics
- Nursing Homes, which provide more skilled and intense care, supervision, medication, therapies, and rehabilitation
According to one 2008 study, at least 70% of people over age 65 will require some long-term care and of those who need long-term care, 40% are under age 65. So it’s definitely something to think about getting before you need it, and I’ll discuss that further in an upcoming post.