What is Long Term Care Insurance? Explained
Long term care insurance is a crucial aspect of financial planning that often gets overlooked. But what exactly is it?
Long term care insurance provides coverage for services and support needed for individuals who have difficulty performing basic activities of daily living, such as bathing, dressing, or eating, due to illness, disability, or cognitive impairment. These services can be provided in a variety of settings, including nursing homes, assisted living facilities, or even in the individual's own home.
This type of insurance helps cover the costs associated with long term care, which can be significant and can quickly deplete savings and assets. It provides financial protection and allows individuals to receive the care they need without placing a burden on their loved ones.