Long term care insurance provides coverage for services and supports that facilitate Activities of Daily Living or ADLs. This can include care provided by licensed caregivers or unpaid family members and friends. Moreover, an LTCI policy can pay for care received at home or in other dedicated settings such as assisted living facilities or nursing homes.
Which long term care services are covered and how big the daily or monthly benefits you later get to pay for them all depends on your choices while customizing your policy. It’s important to note that you need to health qualify for long term care insurance. Afterwards, the cost of your monthly or annual premiums will be calculated based on your age, health, and benefit choices.
Long Term Care Services and Facilities
Long term care is usually provided at home, but those who need more specialized supervision or medical assistance can receive care from dedicated facilities such as:
Assisted living facilities
Adult day care centers
In addition, policies may also include coverage for hospice care, respite care and other related long term care services.
Why Long Term Care Coverage is Important
Long term care services are expensive, and over extended periods of time they can exhaust your entire retirement savings. Even receiving care from friends and family members has its own costs, as they may either have to leave their current jobs or get stressed from caring for you along with their own families.
Getting coverage allows you to be prepared for the eventuality of needing care, so that both your nest egg and your family are protected. Long term care insurance has been specifically designed to answer this need and is the best form of protection you can get.
Browse long-term care insurance policies from major carriers.
Custom Care III California provides a comprehensive care experience that includes a customized plan for long-term care, informational support for your family and access to an independent care coordinator.
TransCare III Comprehensive Long-Term Care insurance can provide customized coverage that may help you plan and manage your Qualified Long-Term Care in a way that truly considers your individual need and the wishes of your loved ones.
FPSinsurance.com helps you make better choices in your retirement and long term care planning.