What is Long-term care insurance?

Long-term care insurance is an insurance product, sold in the United States, United Kingdom and Canada that helps pay for the costs associated with long-term care. Long-term care insurance covers care generally not covered by health insurance, Medicare, or Medicaid

Who should consider This Insurance?

If you only need insurance for a specific period of time (say, when your kids are growing up or for the length of your mortgage), then consider term. If, however, you need life insurance for as long as you live (for things like burial expenses or income replacement for a spouse), consider permanent coverage.

Benefits of buying long-term care insurance

 

The main benefit of buying long-term care insurance is cost savings. Your rates for premiums will be far less than what you’d pay for care without insurance. With insurance, you can preserve your savings, assets, and financial independence.