What is Long-Term Care Insurance? Shop Carefully

What is Long-Term Care Insurance?
Long-Term Care (LTC) insurance is designed to assist
individuals with some or all of the costs of medical
and personal care provided in the home, an
assisted living facility, a nursing home, or through a
community program such as adult day-care.  Long-term
care insurance often provides coverage for costs associated
with personal care when the covered individual is unable to
perform activities of daily living such as bathing, eating, dressing or
toileting.  Long-term care insurance may also assist people in need of skilled
care because of a prolonged medical condition, or a disability, or a cognitive
impairment such as Alzheimer’s disease.

Shop Carefully
Some LTC insurance policies provide more coverage than others.  Before you
buy LTC insurance, decide what coverage you need and can afford.  LTC
insurance can help to safeguard your assets and protect your financial
independence, but it can be expensive.  Depending on your level of income and
the value of your assets, LTC insurance may or may not be the most
appropriate option for your LTC financing.  It is also important to consider the
rising costs of long term care services when purchasing LTC insurance.  (In
Virginia, individuals purchasing LTC insurance must be offered the option to
purchase inflation protection.)