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Long-Term Care Insurance

Long-term care refers to a broad range of medical and personal services for individuals who need assistance with daily activities for an extended period of time. This includes day-to-day care that a patient receives in a nursing facility or at home, following an illness or injury, or in old age.

Long-term care (LTC) insurance helps pay for these services.

Substantial Resources Required

LTC insurance is costly and usually doesn't cover all of your LTC needs. Consider if you have substantial resources to guarantee that you can afford the premium now and well into the future if it increases. Check if you qualify for Medicaid - it may meet your long-term care needs.

Asset Protection

You may choose to buy a LTC policy to protect assets you have accumulated. But a long-term care policy is not a good choice if you have few assets or a limited income. Some experts recommend you spend no more than five percent of your income on a long-term care policy.