Long Term Care Insurance
Long-term care insurance helps provide for the cost of long-term care beyond a pre-determined period. This might be home care, assisted living, adult daycare, respite care, hospice care, nursing home or an Alzheimer's facilities.
Recipients are generally not sick in the traditional sense, but may be old and frail, and unable to perform basic living activities on their own such as getting in and out of a bed or chair, dressing, bathing, eating, toileting, and walking.
The risk of needing this care rises exponentially with age and in many cases, it's not covered by Medicare or Medicaid. Long-term care insurance can also help provide for the care of an individual who suffers from Alzheimer's or dementia.
Coverage costs can be expensive, so Long Term Care Insurance is best purchased well before it's needed to spread out the costs.