Long Term Care Insurance
Long-term care (LTC) insurance assists in paying for in-home care, assisted living, or nursing home costs. In the event that you are unable to accomplish daily tasks or personal care, long-term care can help. Most LTC insurance policies kick in once a person can not independently perform activities of daily living. These include eating, bathing, dressing, and other personal care activities. If you develop cognitive impairment, this may also be a reason for long-term care benefits. For example, some people with dementia or Alzheimer’s may need additional assistance. LTC insurance policies can provide the finances to help pay these costs, without depleting your retirement. Although there are exemptions, most health insurances do not cover this kind of care. Most disability insurances do not cover it, either. This is where an LTC insurance policy can benefit you.
The Costs of Care
Why Consider Long-Term Care Insurance?
Long-Term Care Alternatives
In addition to straight LTC-only policies, you may have other alternatives. For example, some permanent life insurance products come with long-term care insurance options.
In addition to straight LTC-only policies, you may have other alternatives. For example, some permanent life insurance policies come with long-term care insurance options.
Also, several annuities can also present a way to secure your money in the event of a long-term care need. For example, some annuities provide long-term care insurance riders. Fundamentally, this just means these policies allow you to access money early to pay for long-term care. Also, within life insurance choices, you may have critical care or critical illness options.