What Do We Mean By Long-Term Care Insurance?
Long-term care insurance is a specific insurance product that is only sold in Canada, the UK, and the US and helps individuals to pay for care costs that exceed a pre-set period of time. It is oftentimes abbreviated as LTC or LTCi. In any case, this type of insurance covers what health insurance, Medicaid, and Medicare typically do not including your assets in certain situations. The key advantage that this type of insurance provides is that it alleviates the burden of your children having to take care of you the rest of your life.
In most cases, it is provided to those individuals who can no longer perform those activities and tasks that are required in everyday life. This includes:
• adult day care
• Alzheimer’s facilities
• assisted living
• hospice care
• nursing home facilities
• respite care (interim, short-term care occurring prior to being admitted to long-term care)
It can also pay for in-home care should that be needed and in most instances, from the first day that it is needed. It also pays for live-in or visiting:
• private duty nurses
Additionally, coverage up to the maximum policy benefit is provided 24/7. So as you can see, the coverage provided is very comprehensive.
Why Is Long-Term Care Insurance So Important?