What is Long Term Care Insurance?
Long Term Care Insurance provides financial assistance to pay costs associated with managing chronic conditions. It is for people who can no longer care for themselves due to disability or age. A person qualifies for long-term care if they are unable to perform at least two daily living functions, like preparing meals or bathing.
You could find yourself in need of long term care no matter your age. But this policy is primarily used by elderly people who are past retirement age. Receiving this policy as a workplace benefit can help you be prepared should you need extended care. This policy can pay for various expenses that are not covered by other policies.
Long Term Insurance is Important
It is not fair to rely entirely on family and friends to provide personal care. This can put a heavy burden on relationships. Also, you are likely to receive better help from someone who is trained. And you might need government assistance if you can’t afford the cost of care. The insurance makes it easier for you and gives you options when it comes to your care.
Prolonged hands-on care is expensive. Living in a nursing home costs thousands of dollars per year, and hiring an aide to provide care at home costs as well. Paying for these expenses can quickly deplete your retirement savings. Long term care insurance can make things easier for you, your family, and your friends.