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Long Term Care Insurance

Long-term care insurance helps pay for the care you need if you have a chronic illness, a cognitive impairment, or can’t perform your normal activities of daily living without assistance.

The services covered will vary based on the policy. The type of care you’ll receive depends on your individual circumstances and how much assistance you need in your life. Care insurance may cover a stay in a nursing home, which offers a wide range of health and personal care services 24/7. It could also cover assisted living, which allows you to live in apartment-style units with personal care services available.

If you don’t need the extensive care of a nursing home or assisted living facility, your long-term insurance may offer coverage for an adult day care. The insurance may also cover home modification to make your home safer and more accessible. For example, installing a ramp or grab bars could be covered by your insurance policy.

This insurance helps you maintain your quality of life and preserve your independence. About 70 percent of people over 65 require long-term care at some point, and 40 percent of adults in the U.S. require long-term care when they’re under the age of 65. Without insurance, this care can cost tens of thousands of dollars per year. Long term care insurance helps you pay for care without having to sell your assets or rely on your family for assistance.

There are two types of policies. The traditional policy is paid on a continual basis. If you never use the policy, you won’t have the premium returned. The combination long term care policy is increasing in popularity, and it’s often combined with life insurance. If you don’t use the insurance, the premium will be returned as a life insurance death benefit.

You can purchase an individual care insurance plan through an insurance agent or broker. Some employers offer policies as a part of their workplace benefits. Your employer or an organization you belong to may offer discounted group-rate policies. You can also purchase a joint policy that covers you and your spouse or another adult family member.
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