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Long-Term Care Insurance

Long-term care insurance, also known as LTCI, is some kind of insurance provided by different agencies or departments in the United States of America. It aims to provide long-term care for a given period of time. Long-term care insurance covers medical support and care that are not paid off by Medicaid, Medicare, or other health insurances.

Moreover, long-term care insurance will cover different consulting services of medical personnel, medicines and other selected options. In other words, “long-term care insurance blends health and disability insurance by financing the living arrangements and personal care, as well as medical services, of people who have lost some degree of physical or cognitive capacity” (Korb, Turner, & McCall, 1999, p. 304). Currently, long-term care has a broader interpretation: the provision of health (care) and the non-medical services (satisfaction of various personal needs).

Thus, long-term care insurance really makes sense for old age. For example, it ensures that an elderly person will always have some money to buy the necessary drugs. Individuals will have such a good opportunity to get help from a nurse, who will buy products or help about the house. In addition, long-term care insurance guarantees one of the most important things that each person needs: high-quality and free medical care.

It is possible to say that the people who need long-term care are not really sick in the full sense of the word (not ill in the traditional sense). Instead, they require some basic activities of their daily living that include as follows: bathing, walking, eating, dressing, etc. Care may be provided at home or in some specialized institutions. Thus, the need for long-term care can result from illness, injury or old age.

“Many purchasers of long term care insurance are in their later years. But when you wait until your later years to buy long term care insurance, you become more vulnerable to fraud and abuse” (FreeAdvice Staff, 2010, para. 1).Talking about the costs for such a policy, it is possible to say that they can variate, depending on one’s age. If you are older, you pay more, and consequently the premiums are higher. In other words, “as a national average, one day in a nursing home is estimated to cost more than $160” (All About Long Term Care, 2010).For a 50 year old man, the premium will be cost around $2,000. The premium for a 70 year old man will be cost about $3,000. LTC insurance provides tax-free payment in the amount of $1,500 to $12,000, depending on the plan.

The insured event occurs when the insured person cannot perform at least two of the key self-service functions: walking, dressing, bathing, etc. Furthermore, it is not necessarily to place a person in a specialized medical facility in order to receive payments from the insurance company. Individuals can purchase long-term care insurance in Counseling Services or State’s Insurance Departments.

Taking the above-stated information into consideration, it is possible to draw a conclusion that long-term care insurance is beneficial and useful for both you and your parents. The individuals will be able to get not only the best quality of life, but also the improved medical care with the help of long-term care insurance. Today, while we are healthy, it is time to think of the natural challenges that we can face in the future.



Korb, J., Turner, P., & McCall, N. (1999).Insurers’ Views of the Partnership for Long-Term Care.Inquiry, 36(3), 304-317.
All About Long Term Care. (2010). Cost of Long-term Care. Retrieved on December 13, 2011 from http://www.allaboutlongtermcare.com/cost.html
Free Advice (2010). Potential for Abuse and Fraud in a Long Term Care Insurance Policy. Retrieved on December 13, 2011 from http://law.freeadvice.com/insurance_law/long_term_care/long-term-care-insurance-fraud-abuse.htm