What is long term care (LTC) insurance and why is it receiving so much attention and publicity today?
Long term care (LTC) insurance provides coverage for the cost of custodial and other types of extended care provided in a nursing home. Coverage also is frequently provided for selected medical care and personal services delivered in the insured’s home. LTC policies provide important protection to the insured because, currently, neither Medicare nor the typical medical expense insurance policy covers custodial-type care. The aging of the U.S. population, coupled with continuing medical advances, will likely lead to significant growth in the demand for custodial and related care. This increased demand, together with costly nursing home stays (now estimated at $35,000-plus per year), will likely create an environment where much publicity and attention remain focused on the need for LTC insurance.
