Long term care insurance

Long term care insurance is designed to assist individuals the costs of medical and personal care provided in the home, an assisted living facility, a nursing home, or from a community program such as adult day-care. Long term care insurance provides coverage for costs associated with personal care when the covered individual is unable to perform activities of daily living such as bathing, eating, dressing or toileting. Long term care insurance may also assist people in need of skilled care because of a prolonged medical condition, a disability or a cognitive impairment, such as Alzheimer’s disease.

Some long term care insurance policies provide more coverage than others. Before you buy long-term care insurance, decide what coverage you need and can afford. Long term care insurance can help to safeguard your assets and protect your financial independence, but it can be expensive. Depending on your level of income and the value of your assets, long-term care insurance may or may not be the most appropriate option for your long-term care financing. It is also important to consider the rising costs of health care when purchasing long term care insurance. In some states, these policies must offer inflation protection.