Long-term care insurance (LTCI) isn’t for everyone. It isn’t a magic wand that will bring tranquility to the experience of a catastrophic chronic need for care over an extended period of time. But it can provide financial stability and resources unavailable from traditional health care insurance or from the government.
To find out what works for you—and that might mean not buying insurance—start with the basics—your concerns, your health history, and your budget. Don’t let an agent fit you into a policy. Benefits and costs should be tailored to your needs. You should consider including an elder law attorney in your planning process.
Comprehensive LTCI pays for home health care and adult day care, as well as for assisted living and skilled nursing facility care. A well structured policy, whether it be a stand-alone traditional or a hybrid policy, can help to preserve your independence and your assets by assuring that you are in control of your care.