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What is Long-Term Care Insurance?

Everyone has heard about this problem. People are living longer, medical care is getting more and more expensive, and a substantial amount of seniors will end up needing long-term care. Privately funding your own long-term care or leaving your spouse or family members to pay for long-term care can result in extreme financial burdens on those responsible for your care. So, to be proactive and responsible for your or someone else’s future, let’s look at long-term care insurance.

Long-term care insurance has been quite the buzz lately. Since it is a very likely possibility that you or your loved one may need long-term care, it is important to obtain a policy before you already need care or is at a poor health state. Many long-term care insurance policies require medical underwriting. Long-term care insurance acts as a daily reimbursement (with a limit) paying for daily living assistance, hospice care, nursing facilities, assisted-living facilities, and nursing care. Since every policy is different, take into consideration what is actually covered by your policy when purchasing long-term care insurance. The duration of the long-term care insurance may be for a set amount of years or for the rest of the insurer’s lifetime.

Once you decide to use the long-term care insurance benefits, your insurance company needs to determine that you are eligible. Although different companies have different criteria, generally how impaired you are on your daily living activities and your cognitive mental state is the determinant of eligibility. Once the insurance company approves that you are indeed in need of care, there is a elimination period, which is the time that must pass before you are actually able to receive your benefits. Elimination period is selected when you purchase your insurance.

There are a lot of things to consider when purchasing long-term insurance. Research different insurance companies and their benefits, weigh your pros and cons, and prepare for the future!


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2. Mark Diamond, National Speaker and Senior Advocate

mark diamond arizona, mark diamond senior education counsel, Senior Education Counsel, a nonprofit Since 1995, Arizona, California and North Carolina Mark Diamond, national senior advocate

Medicare, Medicaid

Medicare, Medicare, Medicaid. We talk about it and hear about it, but it never seems like we’ve completely grasped what they are and what they do. So, let’s dive into some facts to understand what they are, what they do, and what the difference is between the two.

Medicare is a health insurance that is designed to help people who are either 65 years or older, or have certain disabilities even if they are under 65. People who have End-Stage Renal Disease of any age are also eligible for Medicare. Medicare helps cover inpatient care, hospice, nursing facilities, usually without a monthly premium. With standard monthly premium, Medicare also helps cover outpatient, home health, and services from doctors and health care providers. Medicare also contracts with private insurance companies to provide extra benefits, as well as help cover prescription drugs.

Medicaid, on the other hand, is a joint program between the states and the federal government that helps cover medical care of people who have limited income. Medicaid may provide additional coverage that includes Long-Term Care and personal care. Eligibility for Medicaid depends on the particular state you live in, but can include requirements such as age over 65, children under 19, pregnant women, and disabled persons. Medicaid may cover primary care, in hospital care, preventative care, mental health services, pregnancy care, and medications.

It is also possible to qualify for both Medicare and Medicaid, which is called “dual eligibles.” For more information on qualifications and coverage, visit and


  1. Mark Diamond, National Speaker and Senior Advocate