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Long-term care insurance is a type of insurance coverage that is designed to help cover the costs associated with long-term care services, such as nursing home care, assisted living facilities, and in-home care. It is intended to provide financial assistance when individuals require extended assistance with activities of daily living due to chronic illness, disability, or cognitive impairment.
The importance of long term care insurance lies in the potential high costs of long-term care services.
These costs can quickly deplete one’s savings and assets, jeopardizing their financial security. Here are a few reasons why it is important to protect assets through long-term care insurance:
It’s important to note that the suitability and affordability of long-term care insurance vary for each individual, depending on factors such as age, health, financial situation, and personal preferences. Consulting with a financial advisor or insurance professional can help you assess your specific needs and determine whether long-term care insurance is a suitable option for you. Doesn’t have to take place in a nursing home.
Activities of Daily Living (ADLs):
The inability to perform 2 or more of the above ADL’s without substantial assistance can trigger a long term care policy to pay out benefits.
Dementia (lack of cognitive ability) is seen as a standalone trigger for a long term care policy to pay out benefits.
Instrumental Activities of Daily Living: (IADLs)