Long-term care insurance can help you pay for long-term Services & Supports over extended periods in order to help you manage chronic conditions or cognitive impairment, or to perform Activities of Daily Living (ADLs) like bathing, dressing or eating. Support may be provided in a variety of settings: at home, in an assisted living facility or in a nursing home. In order to receive payment, most long-term care insurance policies require that the insured person:
- Be unable to perform at least two ADLs (such as bathing, dressing or eating) without substantial assistance from another person for an expected period of at least 90 days; or
- Require substantial supervision due to a severe cognitive impairment
A severe cognitive impairment is considered to be a deterioration or loss in intellectual capacity that places a person at risk of harming him or herself or others.
Contrary to popular belief, the Services & Supports covered by long-term care insurance are generally not covered by traditional health insurance or by Medicare. Long-term care services, especially in Connecticut, can be very expensive, whether provided at home or in a nursing home. Although Medicaid will cover the costs of long-term care for those who qualify, many people prefer not to spend all or most of their own assets in order to qualify for Medicaid. Long-term care insurance can help to fill that gap.