Federal Information

National Clearinghouse for LTC Information website:
www.longtermcare.gov

Under “Paying for LTC”, under “Overview”:

“An important part of planning for long-term care is deciding how to pay for services. . .

“. . . if you are one of the 70% of people over the age of 65 who need long-term care services – there’s a very good chance you will have to pay for some or all of your long-term care services out of your personal income and resources.”

Under “Paying for LTC”, under “Private Financing”, under “Long Term Care Insurance”:

“Long-term care insurance is a type of insurance developed specifically to cover the costs of long-term care services, most of which are not covered by traditional health insurance or Medicare. These include services in your home such as assistance with Activities of Daily Living as well as care in a variety of facility and community settings.

“There is a great deal of choice and flexibility in long-term care insurance policies. You can select a range of care options and benefits that allow you to get the services you need in the settings that suit you best. The cost of your long-term care insurance policy is based on the type and amount of services you choose to have covered, how old you are when you buy the policy, and any optional benefits you choose, such as inflation protection. If you are in poor health or already receiving long-term care services, you may not qualify for long-term care insurance, or you may only be able to buy a more limited amount of coverage, or buy coverage at a higher ‘non-standard’ rate.

“Long-term care policies focus on paying for the types of services and providers that someone needs when they cannot perform their Activities of Daily Living on their own or when they have a Cognitive Impairment. They do not pay for care or services unrelated to these needs, such as hospital stays or prescription medications.”