Long Term Care Insurance
One of the greatest potential risks faced by America’s elderly is the need for long-term care. Long-term care insurance transfers a portion of the risk of long-term care expenses to an insurance company helping to protect you and your family from potentially devastating expenses.
Long term care insurance is designed to help pay for the costs associated with long-term care services. These services can include in-home care, adult daycare, assisted living, and nursing home care. long term care insurance policies typically have two main features:
📌 A daily benefit amount that helps cover the costs of long-term care services
📌 A benefit period, or the length of time that benefits will be paid.
Most long-term care insurance policies also have an elimination period, which is similar to a deductible. The elimination period is the amount of time you must pay long-term care expenses out of your own pocket before the insurance policy begins to pay benefits.
Some long-term care insurance policies also have a built-in inflation protection feature that helps keep pace with the rising costs of long-term care services.
When considering long-term care insurance, it’s important to work with an experienced insurance agent to find a policy that meets your needs and budget.