You can choose long-term care policies that pay only for nursing home care, or only for home care. Or, you can opt to purchase coverage for a mixture of care options that includes nursing home, assisted living, and adult day care. Some will pay for a family member or friend to care for you in your home.

There are many levels of categories of long-term care:

1) Skilled Nursing Care- This is continuous, around-the-clock care provided by licensed medical professionals under the direct supervision and order of a physician. This type of care is commonly administered in nursing homes.

2) Intermediate Nursing Care- This care is provided by registered nurses, licensed practical nurses, and nurse's aides under the supervision of a physician. This care does not require 24-hour supervision although it is provided in nursing homes for stable medical conditions that do require some type of daily care.

3) Personal or Custodial Care- This type of care provides assistance with the daily living activities, it does not require specialized medical training, but it must be given under a doctor's order. Custodial care can be provided in nursing homes, adult day-care centers, respite centers, or at home.

4) Home Health Care- Home care that includes skilled nursing services, such as providing therapy treatments or administering medications; home health aide services such as checking blood pressure; personal care for helping with the ADLs; and physical therapy needs.

5) Adult Day Care- This care is given in a nonresidential community-based group program designed to meet the needs of functionally impaired adults. It is a structured, comprehensive program that may provide a variety of health, social, and related support services during any part of a day.

Limitations of Medicare

Related Articles
  1. Financial Advisor

    Advising FAs: Explaining Long-term Care Insurance to Clients

    As our life spans are extended, our family structures change and medical care improves, the need for long-term care (LTC) will continue to increase.
  2. Retirement

    Things Nursing Homes Are Not Allowed to Do

    Nursing home residents just got new safeguards to their rights – rights they aren't suppose to lose when entering a facility.
  3. Managing Wealth

    Secrets to Finding the Right Nursing Home

    The wrong choice could mean inadequate – or even deadly – care.
  4. Financial Advisor

    Long-Term Care: How and Why You Should Plan for It

    The likelihood of needing long-term care is higher than most people realize. Here are some ways to plan for it.
  5. Financial Advisor

    Long-Term Care: More Than Just A Nursing Home

    Learn what you can do now to keep your options open in the future.
  6. Financial Advisor

    Taking The Surprise Out Of Long-Term Care

    Don't be caught unprepared - find out what to look for in LTC insurance policies.
  7. Insurance

    The Bad News About Long-Term Care

    The costs of long-term care continue to increase and most retirees can't afford to pay out of pocket for these services for an extended period.
  8. Retirement

    Failing Health Could Drain Your Retirement Savings

    You may not be able to prevent illness, but it doesn't have to infect your savings.
  9. Insurance

    Your Complete Guide to Long-Term Care Insurance

    Learn everything you need to know about this critical insurance: what it is, what it covers, when to buy it, the cost, which companies offer it and more.
Frequently Asked Questions
  1. Where do most fund managers get their market information?

    Many fund managers, whether they manage a mutual fund, trust fund, pension or hedge fund, have access to resources that the ...
  2. What's the difference between short-term investments and marketable securities?

    Understand the difference between short-term investments and marketable equity securities, and learn the importance of short-term ...
  3. Are fringe benefits direct or indirect costs?

    Learn how to allocate costs associated with fringe benefits provided to employees and how to determine when a cost is either ...
  4. How is a bank guarantee different from a traditional loan?

    Read about the differences between a traditional bank loan and a bank guarantee, and why a third party might require a guarantee ...
Trading Center