What is long-term care insurance? Do you think this is a useful tool? Would you buy it?

Long-term care (LTC) insurance is coverage that provides nursing-home care, home-health care, and personal or adult daycare for individuals age 65 or older or with a chronic or disabling condition that needs constant supervision. LTC insurance offers more flexibility and options than many public assistance programs, such as Medicaid.

Many people are unable to rely on children or family members for support and buy long-term care insurance to help cover out-of-pocket expenses. Otherwise, long-term care expenses would quickly deplete the savings of an individual and/or their family.

While the costs of long-term care differ by region, it is usually very expensive. In 2020, for example, the average cost of a private room in a skilled nursing facility or nursing home was $105,850 a year, according to a report on long-term care by Genworth. A home health aide costs an average of $54,912 annually.1

In the United States, Medicaid provides for low-income individuals or those who spend down savings and investments because of care and exhaust their assets. Each state has its own guidelines and eligibility requirements. In most states, you can keep up to $2,000 as an individual and $3,000 for a married couple outside of your countable assets, which include checking and savings account balances, CDs, stocks, and bonds. Your home, car, personal belongings, or savings for funeral expenses don’t count as assets

Long-term care insurance usually covers all or part of assisted living facilities and in-home care. Medicaid rarely does. Full home care coverage is an option with long-term care insurance. It will cover expenses for a visiting or live-in caregiver, companion, housekeeper, therapist or private-duty nurse up to seven days a week, 24 hours per day, up to the policy benefit maximum.

Write at least 300 words and post it before midnight on Thursday. Response to at least 2 of your colleagues initial posts ( at least 100 words) before midnight on Sunday to get full credit.

Please cite your sources in APA 7th edition format.