What Does Long Term Care Insurance Cover

Long term care insurance is designed to protect you and your loved ones in the event that long term care is needed. Nearly one out of every two persons who are age 65 and older will likely spend some time in a nursing home. The average dollar amount for nursing home expenses per year is $30,000. However, if you live in a major metropolitan area the average costs rises to around $60,000 and in some cases as much as $100,000.

What You Need to Know About Long Term Care Insurance

What is long term care insurance? Long term care insurance is a type of health insurance designated to provide care for individuals living with a chronic illness or injury. Long term care insurance provides both medical and non-medical assistance to the insured, whether in a care facility such as a group home or a nursing home or living in their own home and in need of help with their daily care.

It differs from other types of care that are covered by traditional insurance coverage because it pays for help with custodial care, or assistance with tasks of everyday living that most people can do for themselves.