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What Does Long-term Care Insurance Cover?

long-term care insurance

What is long-term care insurance?

Long-term care insurance is an insurance policy that helps cover the costs of assisted living, nursing home, or in-home care. It’s purchased separately from other types of life insurance.

Doesn’t Medicare cover long-term care costs?

No, Medicare doesn’t cover long-term care costs.

Medicare only pays for short stays in skilled nursing facilities, hospice care, or home health care if 3 conditions are met:

  1. You were admitted to the hospital for 3 days or more

  2. Within 30 days of that hospital stay, you were admitted to a Medicare-certified skilled nursing facility

  3. You require skilled nursing, physical therapy, or other therapy services as prescribed by your doctor

If all those conditions are met, Medicare will pay some of the costs for the first 100 days in a skilled nursing facility. After 100 days, you’re responsible for 100% of those costs.

What does long-term care insurance cover?

Long-term care policies can cover different types of long-term care. Not all policies cover every type of care.

In general, long-term care insurance covers:

  1. In-home care

  2. Assisted living

  3. Adult day care

  4. Respite care

  5. Hospice care

  6. Nursing home / skilled nursing

  7. Alzheimer’s or dementia care

If home care coverage is purchased, long-term care insurance can also cover:

  1. Home caregivers

  2. Companions

  3. Housekeeper

  4. Therapist

  5. Private duty nurse

Other insurance benefits

  1. Help cover out-of-pocket medical expenses

  2. Premiums may be an income tax deduction for some

By DailyCaring Editorial Staff Image: Mesirow & Associates, PLLC

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