Long Term Care Insurance

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