What is Long-Term Care Insurance?
Long-Term Care Insurance is a policy that provides financial coverage for the expenses associated with long-term care services, which are often not covered by standard health insurance or Medicare. This insurance helps pay for assistance with daily activities such as bathing, dressing, eating, and mobility, as well as specialized care for chronic illnesses, disabilities, or cognitive impairments like Alzheimer’s disease. Coverage typically includes services provided in nursing homes, assisted living facilities, adult day care, or the policyholder’s home.
The need for long-term care increases with age, making this insurance particularly valuable for those concerned about protecting their savings and assets in the event of a long-term illness or disability. By paying for a policy over time, individuals can reduce the financial burden on themselves and their families if extended care becomes necessary.
Policies vary in terms of benefits, coverage limits, and premiums. Some offer inflation protection to keep pace with rising care costs, while others provide different waiting periods before benefits begin. Long-Term Care Insurance offers peace of mind by ensuring that policyholders have access to the necessary care without exhausting their financial resources.