Long Term Care

Did you know that Medicare typically doesn't cover nursing home stays or in-home health services? And did you know that nursing home stays can cost more than $100,000 per year in many parts of the U.S.? If you end up needing long-term care services, costs like these can drain your retirement savings quickly.

Long-term care, or LTC, insurance can help protect against these expenses if you or your spouse can no longer perform daily living activities such as bathing, dressing, and eating on your own. However, LTC insurance can be rather costly and isn't right for everybody. Here's a quick introduction to LTC insurance, what it covers and costs, and how you could keep your LTC insurance costs in line.

What does Long Term Care Insurance Covers?

In addition, LTC policies generally cover the following:

• Care in your home, such as skilled nursing care, occupational and physical therapy, and help with personal care.
• Alzheimer's care facilities
• Assisted living facilities
• Hospice and respite care services
• Adult day care centers
• Home modification -- some policies cover things such as wheelchair ramps and grab bars to make your home more accessible

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