Long Term Care Insurance

What is it?

Long Term Care (LTC) insurance is engineered to help those with chronic illnesses be protected from medical costs. Mostly, one is considered eligible for LTC if they are unable to perform daily tasks that involve things like basic hygiene and making one’s own food.

Who Can Benefit?

This policy benefits seniors beyond retirement age. If this policy is part of a workplace benefits package, it can greatly help with future retirement costs and will make the holder more secure in their finances if they ever need extended care. Policies do vary depending on each case, but typically, LTC will compensate expenses not otherwise covered by other plans.


Why is it Important?

It is likely that feeling like a financial burden to your friends and family because of your own debilitating illness or condition is not a desirable position to be in, and one to be avoided at all costs. Fortunately, this can be bypassed at a reasonable price with LTC. Good coverage can also help you avoid relying on government help that may take an extended amount of time.

To be fair, many people simply don’t understand the high cost of extended care, especially if residing in a nursing home as it can mean very expensive out of pocket annually. These kinds of costs can easily overwhelm the family and cause stress during the sunset years of one’s life. LTC helps to ease these tensions, which is why it can be so vital.