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:
- You were admitted to the hospital for 3 days or more
- Within 30 days of that hospital stay, you were admitted to a Medicare-certified skilled nursing facility
- 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:
- In-home care
- Assisted living
- Adult day care
- Respite care
- Hospice care
- Nursing home / skilled nursing
- Alzheimer's or dementia care
If home care coverage is purchased, long-term care insurance can also cover:
- Home caregivers
- Companions
- Housekeeper
- Therapist
- Private duty nurse
Other insurance benefits
- Help cover out-of-pocket medical expenses
- Premiums may be an income tax deduction for some
By DailyCaring Editorial Staff
Image: Mesirow & Associates, PLLC
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About the Author
Connie Chow
Connie was a hands-on caregiver for her grandmother for 20 years. (Grandma made it to 101 years old!) She knows how challenging, overwhelming, and all-consuming caring for an older adult can be. She also knows how important support is — especially in the form of practical solutions, valuable resources, and self-care tips.
