What is Long Term Care Insurance?Long Term Care Insurance is designed to cover expenses when the insured is unable to perform basic activities of daily living. These expenses are generally not covered by health insurance or Medicare but must be paid for by self-funding or specific insurance coverage.
A blended solution combines the benefits of a life insurance policy with a long-term care rider designed to pay for these expenses by accelerating the death benefit. Premiums are usually fixed and do not increase. Most importantly, if there isn’t a need to pay for long term care, the life insurance death benefit is available to pay beneficiaries. The Benefits of Long Term Care InsuranceLong-term care insurance generally covers home care, assisted living, adult daycare, respite care, hospice care, nursing home and Alzheimer's facilities. If home care coverage is purchased, long-term care insurance can pay for home care, often from the first day it is needed. It will pay for a visiting or live-in caregiver, companion, housekeeper, therapist or private duty nurse up to seven days a week, 24 hours a day (up to the policy benefit maximum).
Many individuals may feel uncomfortable relying on their children or family members for support, and find that long-term care insurance could help cover out-of-pocket expenses. Without long-term care insurance, the cost of providing these services may quickly deplete the savings of the individual and/or their family. Contact us to learn more about the right long term care insurance for you. |
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