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Misconception about Long Term Care Insurance

A common misconception is that Long Term Care Insurance is Nursing Home insurance. That could not be further from the truth. In fact, LTCI can be viewed as “anti-Nursing Home insurance.” Most people who own LTCI view the Nursing Home as a last resort; they buy the policies in order to avoid going to a Nursing Home. Most LTC policies cover Home Health Care, Adult day Care, Assisted Living facilities, Alzheimer’s facilities, and, worst case, Nursing Homes.

LTCI can be purchased between the ages of 18 and 84. Most policies, however, are purchased by people between the ages of 40 and 75. With the graying of the Baby Boomers, the average age that a person buys LTCI is 56 years old.

The big questions answered by Long Term Care:

  • Where are the funds going to come from to pay for the care?
  • How long will the funds last?
  • Should the care take place at home or in a facility?
  • What are the best facilities?
  • How do I find a home caregiver?
  • Which family member is going to manage all this?