Planning ahead for care when you need it most
Long-term care insurance helps cover the costs of care services that assist with daily living activities over an extended period. This coverage is designed for individuals who may need help with tasks such as bathing, dressing, eating, or managing medications due to aging, chronic illness, or disability.
What does long-term care insurance cover?
Long-term care insurance typically covers a variety of services, including:
- In-home care provided by professional caregivers or family members
- Assisted living facilities or nursing homes
- Adult day care programs
- Hospice and respite care
Coverage varies by policy but focuses on providing support that helps maintain your independence and quality of life.
How it works
Long-term care insurance policies usually have a waiting or elimination period before benefits begin, which can range from 30 to 90 days or longer. After this period, the policy will pay a daily or monthly benefit to cover eligible care expenses up to the policy limits.
You can choose benefit amounts, duration of coverage, and additional options such as inflation protection to match your anticipated needs and budget.
Who should consider long-term care insurance?
Long-term care insurance is a valuable option for individuals who want to protect their savings and ensure they have access to quality care in the future. It is especially important for people who:
- Want to avoid burdening family members with caregiving responsibilities or expenses
- Have a history of chronic illness or conditions that may require extended care
- Are concerned about the high cost of nursing homes or assisted living
Wish to maintain control over their care options and finances
Why it matters
The cost of long-term care can be significant and often exceeds what traditional health insurance or Medicare will cover. Without adequate planning, many people may have to use personal savings or rely on family support to cover these expenses.
Long-term care insurance offers financial protection and peace of mind, helping you maintain independence and dignity as your care needs change.