Long-Term Care Insurance is a specialized policy designed to cover the high costs of extended care that arise when you can no longer perform basic daily activities on your own. By providing funds for services at home, in an assisted living facility, or in a nursing home, it helps protect your retirement savings and assets from being exhausted by expensive care needs later in life.
- What It Is: A policy that covers the costs of long-term care services that are not typically covered by health insurance.
- What It Covers:
- In-Home Care: Skilled nursing, therapists, and personal care assistants at home.
- Facility Care: Services in a nursing home, assisted living facility, or adult day care center.
- Who It’s For: Individuals planning for their future healthcare needs to protect their retirement savings from high long-term care costs.
- Key Considerations: Benefits are triggered when you can no longer perform a certain number of Activities of Daily Living (ADLs). Premiums increase significantly with age.