Long Term Care is a concept which is new to the insurance buying public. Gone are the days where generations of a family would live in the same town let alone live in the same house… where family members would look after each other.
At a cost of $250 a day or $91,000 a year the risk is substantial.
The types of care can vary; Adult Day Care, Assisted Living, At Home Care (80% of Long Term care patients, are at home), or a Convalescent Hospital. Additional features are renovation benefit to retro-fit your home, bed reservation and allowing of family members to provide care. There are even respite benefits for the care giver.
That’s where a Long Term Care policy with a daily cash amount for professional care can help. Medicare and Medicare Supplement policies do not cover Long Term care.