Long-term care insurance generally covers home care, assisted living, adult daycare, respite care, hospice care, nursing home and Alzheimer’s facilities. If home care coverage is purchased, long-term care insurance can pay for home care, often from the first day it is needed. It will pay for a visiting or live-in caregiver, companion, housekeeper, therapist or private duty nurse up to seven days a week, 24 hours a day (up to the policy benefit maximum).
In recent times the health care industry has seen a massive shift from hospital-based care to non-acute settings over the past decade. As the health care markets transfer over to a value-based payment system, the acceleration of this shift will occur.
Long–term care insurance (LTC or LTCI), an insurance product sold in the United States, United Kingdom and Canada, helps provide for the cost of long–term care beyond a predetermined period. Long–term care insurance covers care generally not covered by health insurance, Medicare, or Medicaid. Long-term care insurance is also accountable for home care too.
Note: Medicaid doesn’t work either unless you’re broke or poor.