Long Term Care (LTC)
Long-term care insurance provides a tax-free weekly benefit for long-term care services when two of the regular activities of daily living can no longer be performed (bathing, maintaining continence, eating, dressing, walking and transferring, and toiletting). This type of insurance is to help offset costs incurred for long-term health care received whether in a medical facility or in the home. It provides the necessary funds to pay for additional health care once you are no longer able to care of yourself. Funds are paid as a daily benefit to cover the cost of either home visit from a qualified individual or for care at either a public or private care facility.
Anyone with personal experience with paying for care at a private care facility can appreciate the value of long term care insurance. Premiums may be payable for a maximum of 20 years for benefits that can last a lifetime.