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Long term care insurance is probably the newest in the insurance family. Many people are still not familiar with long term care, and frequently still considers it as part of health insurance. It is a common assumption, not only in the state of Virginia, that Medicare or other current health insurance coverage will help pay for long term care.

However, most health care plans usually provide very limited long term care coverage. Health insurance can pay for nursing or rehabilitative services, but only at certified nursing homes and for only up to 10 days. It is estimated that only 18% of all long term costs are covered by standard health insurance policies.

What does a long term care policy provide you? Long term care insurance promises to pay a preset amoung of long term care costs once the policy holder is certified as "chroncally ill." Most long-term care plans cover costs incurred for assisted living residency, nursing home stay, informal care, in-home care, custodial care, hospice care, and care in an Alzheimer's facility. Your incusrance company will also pay for a wide variety of home-based and community-based care services which can include speech, physical or occupational therapy, adult day care, home health aides and nurses, and so on.

To date, the Virginia Retirement System has taken over the Commonwealth of Virginia's long-term care program (it used to be part of the Department of Human Resource Management). It is part of the Virginia Sickness and Disability Program (VSDP) which is provided upon retirement. The amount you get will depend on the number of years of service, age of requirement, and the premiums paid during your working years.