What is Long Term Care?

How does a policy protect you?

What Is Long Term Care?


LTC is custodial care received in an assisted-living facility, nursing home or your own home should you end up with a physical impairment1 and need assistance with two out of six Activities of Daily Living (ADL's) and/or suffer from a severe cognitive impairment.2

Some reasons people need this type of care are injury (such as a car accident), illness (such as Cancer), aging or a cognitive impairment (such as Alzheimer’s disease, Dementia or effects of a stroke). 

1A physical impairment is created by chronic medical conditions, defined as an illness that can be managed with therapy or medication but cannot be cured by either.   

2A cognitive impairment is defined as a measurable decline in one’s intellect to the extent that the individual is also compromised.

 

 

Why Do People Need LTC?

 

What Is My Risk of Needing LTC?

While no one can predict the future, statistics can help us evaluate our risk for needing LTC. The greatest risk an individual will face is the need for LTC. 40% of the people receiving LTC are working age adults between the ages 18 and 64.3

Why would you handle the risk of LTC any differently other than you handled the other risks?

Long Term Care. AHRQ Focus on Research. AHRQ Pub No. 02-M028, March 2002. Agency for Healthcare Research & Quality

2.3%4

risk of getting in an auto accident.

4Bureau of the Census Data, 2000 and 2000 data collected from the federal Highway Administration,
November 2001

12.5%5

risk of becoming disabled.

5ARS-AFM Administrative and Financial Services, Retirement and Benefits, LTC Care Basics Q&A article, Section: It Can Happen at Any Age, January 7, 2003

40%6

risk of needing LTC 
(ages 18 - 65)

6Long Term Care. AHRQ Focus on Research. AHRQ Pub No. 02-M028, March 2002. Agency for Healthcare Research & Quality

67%7

risk of needing LTC
(ages 65+)

7US Department of Health and Human Services. “National Clearinghouse for Long Term Care Information.”  2011. 

Where Is LTC Provided?

LTC can be received at home, in an assisted-living facility or in a nursing home. LTC insurance (LTCi) gives you the choice of where you would like to receive care.

Click below to locate facilities near you.

Facility resource map

What Is Assisted Living?
Assisted living offers residents independence and a home-like atmosphere with the availability of personal care and support services, if needed. 

What Is a Nursing Home?
A nursing home provides continual residential care and is often referred to as a skilled nursing facility, care home or rest home. In these facilities, nurses' aides and skilled nurses are usually available 24 hours a day. These settings look and operate much differently than the nursing homes of previous generations. New models of care make the senior experience quite different, and many facilities are modeling their residences on resort-style living, including offerings such as social activities, hair salons and even man-caves.

What Is Home Care?
This is supportive care provided in the comfort of your own home by licensed healthcare professionals or professional caregivers. Most people—nearly 79%—who need LTC live at home or in assisted living community settings, not in institutions8.

8Agency for Healthcare Research and Quality. LTC users range in age and most do not live in nursing homes: Research alert. Rockville: Author, 2000

What Is The Cost of Long Term Care?

With LTC typically lasting about three years, you could end up spending anywhere from $120,000 to $336,0009, and those costs will continue to increase over time. To find the cost of LTC in your area, click the button below.

9Genworth Cost of Care Survey 2019, conducted by CareScout®, October 2019

Cost of care map

How Does LTC Insurance
Protect You?

Protect Your Savings, Retirement & Home
LTC insurance can protect these from the high cost of LTC expenses.
 

Preserve Your Independence
A LTC policy will allow you the choice of nursing home, assisted living, or in-home care, so you can remain indepdent as long as possible.
 

Prevent Being a Burden on Others
Most people purchase this insurance to avoid having their family pay for or provide their LTC, thus reducing the burden on family.
 

Avoid Going on Medicaid 
Medicaid is meant to cover custodial care for individuals in financial need. To qualify, there is income and means testing. Care is restricted to Medicaid approved facilities.

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