However, to protect yourself and your family, you need to think about, learn about, and prepare for these possibilities. When you are planning for the possible need for long-term care, you need to think about your own preferences for receiving services and your own financial situation and goals. One choice is to not plan. But that is likely to lead to undesirable consequences for you and your family.

What is Long Term Care Insurance?
Long term care insurance is an insurance product which pays for long term care services in many settings, such as at home, a nursing home, assisted living facility, and adult day care facility.

Many people elect to buy long term care insurance so they will not need to deplete their savings should they need long term care services. Long term care insurance can help ensure that financial resources and support are in place when you need them.

How Does Long Term Care Insurance Work?
First, you must apply for coverage. If you are approved for coverage, pay your premiums, and you meet the insurance carrier’s criteria for benefit payment, you will be reimbursed for covered long term care services up to the amount of daily benefit after you satisfy the waiting period in the insurance policy (most policies do not pay benefits until after a waiting period, commonly called an elimination or a deductible period. That means benefits begin 20, 30, 60, 90 or 100 days after you are admitted to a nursing home. Some policies have no elimination period and they naturally cost more).

Why should you consider Long Term Care insurance?
Long term care insurance can help you safeguard your assets and protect your financial stability and is a critical tool in helping you with the high cost of long term care services.