What is Long-Term Care Insurance?
Long term care insurance (LTC or LTCI) refers to insurance coverage designed to help provide for the cost of long term care that may go beyond the predetermined period of time. Long term care insurance is sold in the United Kingdom and the United States, and generally offers insurance coverage for care that is not usually covered by health insurance, Medicaid, or Medicare.
Those individuals who require long-term care are not actually considered sick in the traditional sense. The fact is that they have become unable to perform the basic activities of daily living. These activities can include such things as eating, bathing, toileting, getting dressed, continence, walking, and transferring, which means getting in and out of a chair or bed.
It may surprise you to find out that age is not a determining factor when it comes to needing long term care. In fact, only about 60 percent of the individuals over the age of 65 will require some type of long-term care during the course of their lifetime. Currently, 40% of the individuals receiving long-term care are between the ages of 18 to 64. Long-term care insurance may no longer be available if a change of health occurs.
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