What Is Long-Term Care (LTC) Insurance?
Long-term care (LTC) insurance provides nursing-home care, home health care, and personal care for individuals age 65 or older or with a chronic or disabling condition that needs constant supervision.
Long-term care insurance usually covers all or part of assisted living facilities and in-home care that Medicaid rarely does. It can also cover expenses for a visiting or live-in caregiver, companion, housekeeper, therapist, or private-duty nurse up to seven days a week, 24 hours per day, up to the policy benefit maximum.
Many experts suggest shopping for long-term care insurance between the ages of 45 and 55 as part of an overall retirement plan to protect assets from the high costs and burdens of extended healthcare. Long-term care insurance is also cheaper if you buy it younger.
In addition to long-term care insurance, there are alternative ways to pay for health needs that you may want to consider. They include critical illness insurance and annuities with long-term care riders. Think through what would make the most sense for you and your family.
If you would like to find out more, don’t hesitate to contact our office.