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What is Long-term Care Insurance?By the year 2020, 12 million Americans will need long-term care. Long-term care is more than medical care and nursing care. It also includes all the assistance you need if you ever have a chronic illness or disability that leaves you unable to care for yourself for an extended period of time. The cost of long-term care insurance can vary greatly depending on the options and riders you choose. Adding inflation adjustments to the policy can add from 40 to more than 100 percent to the premium. Keep in mind that inflation protection is an important component of a long-term care policy as this option can keep benefits in line with the cost of care. The actual premium you will pay depends on several factors, including your age, amount of daily benefit, and length of waiting time until benefits begin. Talk to a licensed insurance agent to discuss balancing policy features and premium cost. Long-term care services are provided when a person cannot perform certain "activities of daily living" (ADLs), or is cognitively impaired because of senile dementia or Alzheimer's disease. Most commonly the ADLs used to determine the need for services include bathing, dressing, transferring (getting from a bed to a chair), toileting, eating, and continence. Most policies today cover skilled, intermediate, and custodial care in state licensed nursing homes. Many policies also cover home care services such as skilled or nonskilled nursing care, physical therapy, homemakers, and home health aides. Some policies will cover assisted living, adult daycare, and other care in the community and respite care for the caregiver.
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