Long Term Care Insurance

What is Long Term Care Insurance?

Long term care insurance is a contractual arrangement that pays a selected dollar amount per day for a selected period of time for skilled, intermediate, or custodial care in nursing homes or the homes of those being cared for.

In general, long term care refers to a broad range of medical and personal services designed to provide ongoing care for those suffering chronic disabilities and have lost the ability to function on their own. The need for this type of care comes about when an individual's physical or mental impairments keep them from performing basic functions like feeding, bathing, or dressing themselves, as well as other activities of daily living, knows as ADLs.

Do You Need Long Term Care Insurance?

Most of us are not prepared for the financial hardship of providing ourselves or a loved one with the care we may all need one day. The expenses incurred while providing long term care could spell financial ruin, and the chances that you or a loved one may need some type of long term care in the future only grows as you age.

How A Long Term Care Policy Can Protect You

A long term care policy may enable you to transfer a portion of the expense of long term care to an insurance company through the regular payment of premiums.

It can be used to help pay for skilled care, intermediate care, and custodial care. Most policies pay for nursing home care, and some policies may also cover home care services and assisted living. Protect your family from the potentially devastating cost of a disabling medical condition, chronic illness, or impairment by purchasing long term care insurance.