Long term care refers to a wide range of services delivered in your own home, adult day care centers, assisted living facilities, continuing care communities and in nursing homes. The level of care may be skilled or intermediate, but most frequently is at a custodial or personal level of care. The older you are, the greater the probability that some form of long term care will be required. Of those entering nursing home, half will stay less than three months, many of these requiring care as part of a convalescing process. Life Insurance Selling, December 1992 3.
Coverage is very limited.
In certain situations, if skilled care is required at home, Medicare may pay. You probably have coverage for each of the above risks, and well you should. Yet the probability of encountering significant long term care expenses, better than 1 in 5, is the greatest risk of all. Not everyone needs long term care insurance. If you have limited assets, then Medicaid and community based programs may effectively meet your long term care needs.