What is Long-Term Care Insurance (LTCi)?
Long-term care insurance (LTCi) is a specialized type of insurance designed to cover the cost of long-term care services. These services include a range of care options such as in-home care, assisted living, adult daycare, respite care, hospice care, and care in a nursing home. Unlike traditional health insurance, LTCi specifically addresses the long-term care needs that typically arise due to chronic illness, disability, or aging.
Why is LTCi Important Today?
In the current socio-economic landscape, LTCi plays a crucial role for several reasons:
- Increasing Life Expectancy:People are living longer than ever before, which increases the likelihood of needing long-term care. According to the U.S. Department of Health and Human Services, someone turning 65 today has almost a 70% chance of needing some type of long-term care services in their remaining years.
- Rising Healthcare Costs:The cost of long-term care is rising significantly. According to Genworth’s 2021 Cost of Care Survey, the median annual cost for a …