What is Long-Term Care insurance?
Long-term care insurance typically pays benefits for covered long-term care services, including services you receive:
- In your home
- In an assisted living facility
- In a nursing home
The purpose of long-term care insurance is to help protect you against the risk of paying the high cost of long-term care services.
Why do I need coverage?
A long-term care insurance policy may help you:
- Remain independent and receive quality care in your home
- Avoid tasking your family or friends with the responsibility of caring for you
- Keep your savings intact for the things you really want to do
What policy is right for me?
A long-term care insurance policy can be tailored to meet your needs. The basic features of a long-term care insurance policy include:
- The benefit period
- The monthly benefit amount
- The elimination period
- The maximum lifetime benefit amount
- Inflation protection options
Most long-term care insurance policies also offer a variety of optional features that can be added at an additional cost.
When should I buy my policy?
It's never too early to consider long-term care insurance. The sooner you begin planning for your long-term care needs, the better.
- The cost of long-term care insurance premiums increases with age. So the younger you are when you purchase a policy, the less expensive it will be
- Even though there's an out-of-pocket cost for long-term care insurance, the amount you pay in premiums generally is less than what you would pay for long-term care services
How do I choose a company?
When you're considering long-term care insurance, it's important to look for a company that:
- Is strong, stable and financially sound
- Has high ratings from industry rating organizations
- Is committed to the long-term care insurance market