Long-term care insurance protects individuals against incurring large out-of-pocket expenses by paying affordable premiums. Long-term care refers to a wide array of medical care, personal assistance and social support services for people who are physically or mentally unable to independently care for themselves for an extended period of time.
Long-term care coverage can be purchased through an individual policy or as a group policy. Individual policies are generally purchased by people whose employers do not offer a group policy or those who feel that they need to supplement their employer’s policy. If employers and associations offer long-term care insurance to employees in the form of a group long-term care insurance policy, the policy may not offer the same level of protection afforded by individual long-term care insurance policies. Prior to purchasing a group policy, it is wise to compare the level of protection offered versus the level of protection guaranteed in comparable individual policies.
Whether group or individual, most long-term care insurance policies include coverage for the following types of services:
- Nursing home coverage
- Assisted living facility coverage
- Adult day care center coverage
- Home health care coverage
- Personal care coverage
Contact us today to learn more about your coverage options, potential tax advantages and how a policy can help you to protect your financial future.