Beyond medical care and skilled nursing care, Long Term Care Insurance covers all of the assistance you might need if you ever have a chronic illness or disability that leaves you unable to perform activities of daily living (ADL's) for an extended period of time.

Will I Need Long Term Care?

Your personal risk of needing long-term care depends on many factors. The longer you live, the more likely it is that you will need long-term care. Women are at a much higher risk of needing to pay for formal long-term care. If family members are unable to provide care, and you cannot pay someone to take care of you, then a nursing home may be the only available option. If you know that certain health conditions run in your family, you may have a greater risk of needing long-term care than another person of the same age and gender.

What About Medicare?

Medicare pays only for skilled care in a nursing home for a very short period of time – no longer than 100 days – and only when the patient meets all the Medicare requirements for daily skilled care.

What About Medicaid? (Medi-Cal for California Residents)

Medicaid pays for necessary health care that is not covered by Medicare, but only if you meet federal and state poverty guidelines. In 2002, a single person over 65 would qualify for Medi-Cal if s/he had $2,000 or less in non-housing assets.

Isn't Long Term Care Insurance Expensive?

People with Long Term Care Insurance pay a known and relatively affordable premium to offset the risk of a much larger out-of-pocket expense in the future. Would you rather pay $60,000+ per year in 5 or 10 years from now, or just $2000 a year now?

See also our Long Term Care Glossary.

Click for a free Long Term Care Quote.