Long-term care insurance is a type of insurance designed to cover the cost of long-term care. However, what does it exactly mean and what is it good for?
What is Long-Term Care Insurance? (Photo: myLifeSite)
What is Long-Term Care Insurance?
According to Nerd Wallet, long-term care insurance refers to services that aren’t covered by regular health insurance. The services include assistance with daily activities, like bathing, dressing, or getting in and out of bed.
Moreover, long-term care insurance also helps cover the costs of the services being offered when you have a chronic medical condition, disability, or disorder such as Alzheimer’s disease.
Thus, by having long-term care insurance, you could protect yourself and your loved ones.
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Long-Term Care Insurance: What is it Good for?
According to CBS, long-term care insurance is important for many people as when they reach the age of 65, there’s a 70% chance of needing care.
Planning is indeed needed for retirement and long-term care insurance could help you. But, what exactly is long-term care insurance good for: Here are the following coverage that could help you with long-term care insurance:
- It helps cover the cost of aging in place, such as home renovations, and equipment, and helps pay your family members to provide care.
- It helps pay for a skilled nursing home.
- It can ease the burden of care on your loved ones.
Thus, long-term care insurance is a good way to plan for numerous potential problems in your retirement age.
