Long-term care insurance covers the costs associated with long-term care services, most of which are not covered by traditional health insurance or Medicare. These include in-home services, such as assistance with activities of daily living, as well as more specialized care, provided in a variety of facilities.
Simply put, long-term care is the additional personal assistance you might need to maintain your standard of living. A common misconception is that long-term care services are only provided in a nursing home or assisted living facility. In fact, most long-term care services are provided in the home. Wherever the care is provided, long-term care can be quite expensive. Having the right coverage may help with offsetting the cost of long-term care and offer flexibility, choice and control over how you receive that care.
We can't predict how things will turn out at the end of life. Avoiding the issue can lead to unintended outcomes. Planning for long-term care and the associated costs may lead to a much happier ending. Being prepared can preserve and protect the assets and income of your loved ones.