| “It pays for covered care so you don’t have to dip into assets.”
Making the decision to buy long-term care insurance is much akin to protecting against disability or early death. It’s all about taking care of yourself and your family, and protecting your savings from a life-changing event. When you have long-term-care insurance, you pay a premium for coverage based on your age. When you want to use policy benefits, you must meet coverage conditions and satisfy a waiting period. Then, the policy pays for your covered care. Not all policies cover the same things, but commonly they reimburse for: nursing-home stays, home-health care, assisted-living facilities, adult day care, and respite care.
|