Long-Term Care Insurance Fundamentals

Learn what long-term care insurance (LTCI) is, and is not, via this practice note from Practical Guidance – Healthcare. LTCI is designed for and marketed to senior adults. It covers long-term custodial care comprised of non-skilled services—e.g., assistance with bathing, cooking, and eating—that nonetheless must be provided pursuant to a doctor’s order, but which government programs like Social Security, Medicare, and Medicaid provide little to no coverage for. LTCI supplements other types of health insurance by providing benefits when a policyholder’s physical or cognitive condition deteriorates to the point that the policyholder can no longer perform activities of daily living.

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Related Content

• Long-Term Care Insurance Financing
  Rely on this practice note to counsel your clients on their understanding, selecting, and methods of paying premiums on LTCI policies. LTCI involves myriad benefit options and various methods of premium financing, and paying for LTCI can implicate tax, elder, and health law issues, as well as insurance litigation.
• Long-Term Care Insurance Financing Checklist
  Check out this checklist for an outline of the key issues to consider when advising clients (whether prospective policyholder, insurer, or insurance intermediary) involved with the purchase or sale of LTCI.
• Long-Term Care Insurance State Law Survey
  See this survey for guidance on state treatment of LTCI policies and contracts—identify your client’s state statutes and regulations that protect policyholders from being charged unreasonable premiums, including by offering optional protections to address the reduction or limitation on the value of benefits that may result from inflation over time.

 
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