Long Term Care Insurance is an insurance arrangement designed to meet the needs of individuals requiring assistance with the activities of daily living (ADL’s) and ensure a comfortable future. In the event the insured is unable to care for themselves due to a chronic illness or cognitive impairment, Long Term Care Insurance pays a benefit to cover the cost of medical health and personal care services required to maintain day to day activities.
Long Term Care Insurance provides a tax-free daily benefit to cover the cost of care at home or in an extended care facility of choice. The benefit amount is sold in increments of $10 per day. The maximum daily benefit amount varies based on the product. Continue Reading for more information on Long Term Care Insurance.