Long Term Care Insurance
Long-term care insurance (LTC or LTCI) is a type of insurance sold to help provide for the cost of long-term care beyond a predetermined period. It covers care generally not covered by health insurance, Medicare, or Medicaid, such as chronic or terminal health conditions, physical incapacity, or mental impairment that must be treated in a setting other than an acute care hospital. This type of policy also helps pay for services such as home-health care, adult day care, respite care, and nursing home care. It is designed to pay for services that help individuals who are unable to perform certain duties of daily living without assistance or require some form of supervision due to cognitive impairment such as Alzheimer's disease among a range of other ailments.
Not one person delights in the idea of spending their last years in a nursing home, but it's important to think about the facts. The facts are that long-term care, whether it's in a nursing home, assisted living facility, or even your own home, can be overwhelmingly expensive. Without careful planning, you can exhaust the value of your assets just trying to pay for care.
When should I purchase Long Term Care Insurance?
- First of all Long Term Care Insurance only becomes more expensive to purchase the older you get. We highly recommend considering purchasing your Long Term Care Insurance in your 40's or 50's. Not only is it less expensive when you purchase it at a younger age you are also more likely to be healthier which means you would receive a better rating. Contact InsuringCT today learn more about Long Term Care Insurance and why it should be important to you.