Long Term Care Insurance has been around since the 1970s. It is an insurance policy that pays for your care once you go on claim.  The premiums are based on the following:

• Your Age
• Your Health
• Your Gender

Plus, the type of coverage you purchase.

For example:

The daily benefit amount (i.e. $100/day, $200/day)

The benefit period (2 years, 3 years, 5 years, 10 years)

The elimination period (acts like a deductible, the amount you pay before the policy kicks in once you qualify for a claim)

Inflation protection. The benefit increases over time, in order to keep up with inflation.

Where Long Term Care Benefits are Provided:

Home Care

Most people want to remain at home as long as possible and receive their benefits at home.  A CNA or Home Health Aide can provide these services.

Assisted Living Community

A place where you and/or your spouse can reside in an apartment, get your care, have meals provided, as well as social activities.  These communities have been cropping around the country for decades now.

Adult Day Care

A place where one can spend the day and go home at night.

Nursing Home

Nobody wants to go to a nursing home.  Yet sometimes this is what happens.