What is long-term care?

Long-term care is the care individuals need when they are unable to care for themselves and need help with the Activities of Daily Living (ADLs), such as, bathing, dressing, toileting, eating, transferring and continence; or have severe cognitive impairment, such as Alzheimer’s, Parkinson’s disease or dementia.

What is Long-Term Care Insurance?

LTC insurance helps to preserve one’s financial security (protection of assets), and independence (having a choice of care facilities), by protecting against the catastrophic cost of long-term care. LTC insurance pays for professional care one needs when unable to perform ADLs or when supervision is required due to a severe cognitive impairment. Such care is typically provided at a Nursing Home, Assisted Living facility, Adult Day Care facility, Hospice, or at home by a professional home care provider.

How much does nursing home care cost?

In a recent survey conducted by Hawaii Insurance Consultants, the average cost of Nursing Home Care on Oahu was $66,600, Maui $76,500, Hawaii $77,400 and Kauai $86,800 per year. At that rate, the retirement nest egg you have worked so hard to build could quickly erode. In addition, custodial care costs continue to climb year after year, as the demand for service increases.