What is Long-Term Care Insurance?

People are living longer today. Many will need some type of long-term care in their future. Individuals who require long-term care are generally not sick in the traditional sense, but are unable to perform the basic activities of daily living. Long-term care insurance generally covers home care, assisted living, adult daycare, respite care, hospice care, nursing home and Alzheimer’s facilities (1 in 8 Americans over 65 has Alzheimer’s disease). This type of care is generally not covered by health insurance, Medicare or Medicaid. 

Long Term Care Insurance Policies cost less if purchased when you’re younger and in good health. If you’re older or have a serious health condition, you may not be able to get coverage or you may have to spend considerably more and don’t forget about your support system. You may have family and friends who can provide some of your long-term care should you need it. Think about whether or not you would like their help and how much you can reasonably expect from them or depend on. 

Individuals may feel uncomfortable relying on family for support or help with out-of-pocket expenses. If home care coverage is purchased, long-term care insurance can pay for home care. 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. 


There are a number of reasons why long-term care insurance is the right choice in many situations. Deciding whether long-term care insurance is right for you can take a substantial amount of time, however, making the effort will be time well spent. We can help.

Raymond C. Lantz, Jr. is the president and founder of USA Wealth  Group, Inc. Ray has many years of experience advising clients in retirement and sophisticated tax planning strategies, multi-family and commercial real estate projects, and legacy planning. Ray is a graduate of Clark University, holds a law degree from Boston College, and a master of laws in taxation from Boston University. You can hear him every Sunday on Money Wise with  Ray Lantz on WBSM 1420AM or on the Radio Pup app.