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Long Term Care

What is long term care insurance?

Long term care insurance (LTCI) is a relatively new insurance product designed to protect against the high cost of nursing home and skilled nursing care. Simply put, a significant portion of the older population will spend some time in a nursing facility, and the cost of such care is unaffordable for most individuals.

Why would you purchase long term care insurance?

Some individuals will qualify for government assistance with the cost of long term care relatively easy (usually through the federal/state Medicaid program). Others have sufficient wealth to pay provitely for long term care for the rest of their lives. Most middle class Americans, however, will want to consider long term care insurance for one or more of these purposes:


  • To prevent impoverishment of the spouse who does not enter the nursing home
  • To protect an estate for the children
  • To prevent having to go on government “welfare”, and to ensure the ability to select a nursing home (rather than having to rely on the government’s choice of facilities)
  • To increase the likelihood that care can be provided in the home, and nursing home placement avoided altogether