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Long term care insurance is becoming a necessity as the average life expectancy continues to rise. The government estimates that over 70% of people will need some form of long term care during their lifetime. Below, you will find information about long term care, long term care insurance, and the tools you need to address the financial aspect of long term care coverage.

Overview of Long Term Care

Learning the basics of long term care is essential to understanding how it can work for you. Below are some resources that will give you a general summary of what is considered to be long term care, the types of facilities that provide long term care, and how much long term care the average person can expect to need.

  • What Is Long Term Care?: The U.S. Department of Health and Human Services explains the basics of long term care.
  • Long Term Care Choices: This graphic provides an overview of the different types of long term care.
  • In-Home Healthcare: Long term care insurance can help you stay in your home longer. This page explains how a home healthcare worker can help you do that.
  • Assisted Living Facilities: This page gives a brief explanation of the services provided by an assisted living facility.
  • Nursing Homes: This page gives a brief explanation of the services provided by a nursing home, as well as a helpful checklist for evaluating the quality of a specific facility.
  • Helpful Statistics: These statistics provide a frame of reference for how much long term care a person may need.

Overview of Long Term Care Insurance

The basic concept of long term care insurance is rather simple: you buy a policy, and should you require long term care, the insurance company will pay. That being said, there are different types of policies, as well as hundreds of different options for each type of policy. These resources help demystify the world of long term care insurance.

  • What is Long Term Care Insurance?: Medicare provides a concise explanation of private long term care insurance.
  • Before You Buy: The U.S. Department of Health and Human Services explains who may be ineligible for long term care insurance, and offers tips for those already considering a policy.
  • Where to Look: The U.S. Department of Health and Human Services suggests different places to look when searching for the best long term care insurance policy for you.

Making Strategic Financial Decisions

Costs of long term care insurance vary drastically from one case to the next. Costs depend on the amount of coverage you require, the age of issue, and general health. Additionally, there are many ways to fund your long term care insurance. The resources below have answers to the most common financial questions.

  • Public Assistance: This page outlines how much help public assistance programs (Medicaid/Medicare etc.) provide for long term care costs.
  • Paying for Long Term Care Insurance: This graphic highlights the pros and cons of various funding options.
  • Reverse Mortgages: A reverse mortgage may be a viable funding option for your long term care insurance. The process is explained here.
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