PERSONAL INSURANCE

Long Term Care

Long Term Care (LTC) is the type of care needed when an individual has a serious illness or disability and needs assistance with daily living activities. The need for long term care can occur at any age but it is typically older individuals who require such care. Depending on the needs of the individual, long term care may be provided in the individual’s home, adult day care facility, assisted living facility or a nursing home. Long term care coverage can provide a greater selection of services and facilities.

Apart from the unpaid services of family and friends, long term care may present the single greatest threat to an individual’s financial independence. Costs may be high and for an extended period of time. The decision to purchase LTC must be made while one is still healthy; once a disabling condition appears it is too late to act.

A perfect LTC policy does not exist. Many policy features must be compared and weighed. As a general rule, the more benefits included in a policy, the higher the premium will be. Professional guidance is extremely important in this complicated area.

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