Best Answer

Unlike medical insurance, long-term care insurance can cover all the assistance you would need if you had a chronic or debilitating illness. If you're unable to care for yourself for an extended period of time, long term care would cover you. This might be in a nursing home or in your own home.

Although it's becoming very popular among Baby Boomers as they age, younger people are buying long term care insurance, too. Anyone can be in an accident. The U.S. G.A.O. estimates that 40 percent of the 13 million people receiving long-term care services are between the ages of 18 and 64.

Long term care (LTC) insurance is a policy that secures financing your long term care needs, benefits are usually triggered if a policy owner develops a chronic illness or if he or she is unable to perform two or three activities of daily living including eating, dressing, bathing, etc. It pays for expenses not covered by health insurance, it is more focused on custodial of personal care providing you with options on different long term care setting (nursing homes, alf, in home, adult day care, hospice and custodia care) depending on where, what and how you want to be taken cared of.

User Avatar

Wiki User

โˆ™ 2014-01-30 01:18:05
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What is long term care insurance?
Write your answer...
Related questions

How can you find long term insurance care cost?

There are many ways to find long term insurance care. Long term insurance care can be found on websites such as Nationwide, LongTermCare, and CompareLongTermCare.

Which companies offer federal long term care insurance?

The Federal Long Term Care Insurance Program (FLTCIP) specializes in offering federal long term care insurance to eligible groups and their relatives.

Where can one find long term care insurance?

One can find long term care insurance at many various health insurance websites like Blue Cross and Blue Shield. They have many options for long term care insurance.

Is long term care insurance the same as long term disability insurance?

Long-Term Care insurance protects asstes, disability income protects incomeNo, long term care insurance covers all the costs of a caregiver that is not covered by Medicare, Medicate and disability insurance. These services are quite extensive and expensive.

Where can one take out a long term care insurance policy?

One can take out a long term care insurance policy from several different places. Some of the places in which one can take out a long term care insurance policy from are: Long Term Insure Me, and Own Your Own Future.

What are some companies that sell long term care insurance?

Companies that sell long term care insurance are American Fidelity Assurance, Berkshire Life Insurance, MedAmerica Insurance and Prudential Insurance.

Are there insurance policies that cover only custodial care?

An insurance policy that covers custodial or personal care is a long term care insurance, generally, long term care insurance covers things that are not covered by health insurance. If you are unable to perform activities of daily living, or need assistance due to disability and chronic illness, long term care insurance covers these services. However, you need to buy it before your develop a condition that would require you to be on long term care

How can one get long term health insurance in the US?

One can get long term health insurance in the United States from LTC Insurance and AARP Medical Insurance. One can also get long term insurance from Long Term Care and Kaiser Permanente.

What is meant by long term care insurance costs?

Long term care insurance costs may refer to the costs incurred from a long term health condition such as cancer, cystic fibrosis, paralysis, HIV Aids or any number of other long term conditions. Insurance companies may have strict policies and limits when it comes to long term care insurance costs.

What has the author Valerie VanBooven written?

Valerie VanBooven has written: 'Aging answers' -- subject(s): Insurance, Long-term care, Long-term care, Older people 'The Senior Solution' -- subject(s): Long-term care, Long-term care insurance, Older people

What is the cost of Long term care insurance?

The cost of long term care insurance depends on your purchase age, location, and the benefits and policy features you choose.

Where can one compare long term care insurance rates?

One can contact insurance companies directly or work with a broker to collect and compare offers for long term care insurance. Alternatively, websites like Compare Long Term Care can provide such a list for comparison.

Is long term care insurance deductible?

If you are referring to tax deductibility, yes, long-term care insurance is tax deductible. Age determines tax deductibiliby. Please refer to the related links below to check the limits of tax deduction for long-term care insurance:

How can one apply for a long term care insurance premiums?

One can apply for long term care insurance premiums by visiting the Federal Long Term Care Insurance Program website. One can view different plans and also read information regarding the plans and costs.

Where is the best place to acquire AARP long term care insurance?

The only place to acquire AARP long term care insurance is directly from AARP. AARP partners with insurance companies to offer these insurance policies.

When should one consider buying long term care insurance?

Cost-wise, you'll pay significantly less per month if you purchase long term care insurance when you're in your mid 40s than you will spend when you buy long term care insurance in your mid 60s.

What are two services that Ameriprise Insurance offers its patrons?

Ameriprise is an insurance company a few of it's insurance offers include long term care insurance as well they also offer short term care insurance and term insurance for their patrons.

Does medical insurance cover long term care insurance?

There are various companies that cover different types of needs.If you are looking for Long Term Care coverage, ask your insurance carrier. If they don't cover it, there are places out there that do.The internet,phonebook and your friends can be excellent ways of finding what you are looking for. Basically, medical insurance do not cover or pay all long term care (LTC) services, medical insurance is focused on health care while long term care insurance is focused on custodial care. It may provide skilled care for a limited period of time only.

Are long-term care insurance policies the same?

Currently, there is no universal standard for defining long-term care facilities.

What is the cost of long term care insurance per state?

There is really no fixed rate for the cost of long-term care insurance, it may vary depending on several different factors. These factors include age, health, state of your location, extent of coverage and even the insurance company where you choose to buy long-term care insurance

Where to Shop for Long Term Care Quote?

You can always request for free long term care insurance quotes online, it gives you faster results and it is free. See the related links below for a few resources where you can get free long term care insurance quotes.

Is portable life insurance the same as long term health care?

No. You will only get "insurance" from an insurance company.

What are some benefits on having a Genworth long term car insurance?

There are a few benefits in having a Genworth long term car insurance policy. It can help reduce the costs of extended home care when suffering a long term illness. It also combines long term care with life insurance simplifying the product.

Does GE offer long term care insurance?

GE Capital Company does, indeed, offer long term care insurance. They also offer a number of other products, such as life insurance, annuities, and mutual funds.

What is long-term care insurance?

Long-term care (LTC) insurance provides for a person's care in cases of chronic illness or disability. Update: In Philippines there is company called Kaiser that offers Long Term Health Care Benefits with Insurance+Investment in one. They have a calculated amount to be provided to the plan holder with 15 years maturity.