Long term care insurance provides financial assistance for the costs associated with long term care. Long term care costs are not covered by regular insurance. If someone must live in a long term care facility, then the policy will help pay a majority of those expenses.
Long term care insurance is suitable for anyone who might need it. These people are not necessarily sick or disabled, but they need assistance handling their daily routine. They might struggle to go to the bathroom, take a shower, eat or care for themselves without supervision.
Long term care insurance helps pay for long term assisted living facilities and in-home care. These costs are not covered by traditional health insurance or by Medicare or Medicaid.
Policies are purchased separately or offered as part of workplace benefits. There are monthly premiums just like with other insurance. The policy helps pay for long term care when the policyholder needs it.
Available coverage depends on how much you want to pay for premiums. A policy with a small monthly premium covers a smaller percentage of living costs. The more you pay, the more the policy covers.
Long term care insurance is beneficial for anyone who needs long term care. It could be an elderly person or a younger person with a disability. Anyone can find themselves in the position to need long term care insurance.