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Long Term Care Insurance

You purchase Long Term Care Insurance to:

  • Protect assets
  • Preserve quality of life by giving those covered choices regarding who provides their care

While its possible to need long term care services at any age, most who purchase this protection are approaching or entering retirement. Health generally does not improve with age, the risk of waiting is to be denied coverage. Prioritize this important coverage in the context of your financial goals. Unfortunately, this protection is too pricey for those of limited income and limited assets.

In practical terms, Long Term Care Insurance pays for costs of care if you are unable to perform 2 of 6 activities of daily life. These are:

  • Dressing
  • Bathing
  • Eating
  • Toileting
  • Transferring
  • Continence

It will also pay for care if you are deemed to have dementia, Alzheimer’s or similar condition.

NOTE:  Certain states have filial laws holding children accountable for the long term care costs of their parents.  Nursing homes have successfully sued to recover costs of care.  You could be responsible for your parents or your children for you.  Click here for more information.

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