Long-term care insurance (LTCI) is a type of insurance that helps cover the costs associated with long-term care services, such as nursing home care, assisted living, in-home care, and adult daycare.
This type of insurance is designed to help pay for the cost of care when someone is no longer able to perform the activities of daily living, such as bathing, dressing, and eating.
The policy holder pays premiums while they are able to and in the event that they require long-term care, the insurance will pay a certain amount of money per day, week or month for a period of time specified in the contract. The amount of coverage and the length of time for which benefits will be paid can vary depending on the policy.
Long-term care insurance
Long-term care insurance policies often have certain requirements that must be met before benefits will be paid. For example, a policy may require that the policy holder be unable to perform two or more activities of daily living before benefits will be paid. Additionally, some policies may require that care be provided by a licensed healthcare professional, such as a nurse or a therapist.
It is important to note that long-term care insurance is not typically covered by traditional health insurance, Medicare, or Medicaid. It is a separate policy that must be purchased. It is also important to note that long-term care insurance is not for everyone, as the cost of premiums can be expensive, and the coverage may not be needed by some individuals.