Long Term Care
Similar to disability insurance, Long term care insurance provides an income-style benefit if you become unable to care for yourself due to aging, an accident, illness or deteriorated mental abilities. The money is for you and your family to use as you wish – you do not need to submit receipts for reimbursement – giving you more control and choice while helping to protect your savings and income. Long term care can be quite expensive and can be tough to qualify for as you get older, should you have any pre-existing conditions.
Examples on how long-term care can potentially help you and your family:
Bring care into your home so that you do not need to downsize or move to a facility right away
Lessen the burden on care-givers and support your family financially if you are going to live with them if you need care
Manage your care and expenses if you have an unexpected severe accident, at any age, that results in your needing substantial assistance from a family member or care-giver