Long-term care insurance can allow people to remain in their comfortable and familiar surroundings when they are no longer able to care for themselves.
Long-term care insurance can allow people to remain in their comfortable and familiar surroundings when they are no longer able to care for themselves. A person is eligible for long-term care benefits when he or she is unable to perform certain “activities of daily living.” If the costs of long-term care are covered out of pocket, these costs may deplete the value of one’s financial assets very rapidly. As with any type of insurance, careful analysis of the benefits and costs is essential in order to make informed decisions among the various types of policies available. Some of the things to consider include waiting and elimination periods, benefit periods, and cost-of-living adjustments. Policies may provide assistance with nursing home expenses or assisted living centers, or may pay for professionals to assist with in-home care.
All product guarantees are based on the claims-paying ability and financial strength of the issuing insurance company.