Long-term care insurance

Long-term care insurance (LTC or LTCI) is an insurance product, sold in the United States, United Kingdom, Canada and Germany that helps pay for the costs associated with long-term care. Long-term care insurance covers care generally not covered by health insurance, Medicare, or Medicaid.

Individuals who require long-term care are generally not sick in the traditional sense, but are unable to perform two of the six activities of daily living (ADLs) such as dressing, bathing, eating, toileting, continence, transferring (getting in and out of a bed or chair), and walking.

Age is not a determining factor in needing long-term care. While about 70 percent of US individuals over 65 will require at least some type of long-term care services during their lifetime, about 40% of those receiving long-term care are between 18 and 64. Once a change of health occurs, long-term care insurance may not be available in the US. Early onset (before 65) Alzheimer's and Parkinson's disease occur relatively rarely.

Long-term care is an issue, because people are living longer. As people age, many times they need help with everyday activities of daily living or require supervision due to severe cognitive impairment. That impacts women relatively more since as of 2016, they often lived longer than men and, by default, become caregivers to others.