Unfortunately,70% of us will need a helping hand sometime in our lives. This type of care is not covered by insurance, with the exception of qualifying for Medicare coverage.
To qualify, you are required to be in a hospital for at least 3 nights, your physician needs to order the care, and you need to continue to make progress. Medicare will pay 20 days and your supplement usually pays an additional 80 days. As soon as you stop making progress, you are personally responsible for the costs. There are traditional long term care insurance plans where you make payments for life. When you go on claim, the premiums stop. Or there are hybrid life insurance plans that offer LTC protection. You can pay for 10 years and are paid up. This is a complicated subject: how many years of coverage, inflation factor, traditional vs. hybrid, etc. It’s best to make this decision as early as possible because the rates go up as we age.