About Long Term Care Insruance (LTC 101)

What is long term care insurance?

Long term care insurance helps defray the costs of assistance with activities of daily living, such as bathing and dressing. It also includes the kind of care you would need if you had a severe cognitive impairment like Alzheimer's. It covers skilled, intermediate and custodial care in your home, an adult day care center, an assisted living facility, a nursing home, or a hospice facility. Some plans such as the Federal Long Term Care Insurance Program also cover home care from informal providers such as friends, neighbors and family members who didn't normally live with you at the time you became eligible for benefits.

Who needs it?

When considering the purchase of long term care insurance, there are several things that you should keep in mind.

You should NOT buy long term care insurance if:

	You can't afford the premiums
	You have minimal assets and may qualify for Medicaid, the Federal/State health care program for those who meet their State's poverty guidelines
	Your only source of income is a Social Security benefit or Supplemental Security Income (SSI)

You should CONSIDER buying long term care insurance if:

	You have assets and income you want to protect
	You want to avoid being financially dependent on others
	You want to maintain choice on how and where to receive care

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