long term care insurance
Long term care insurance, sold mostly only to people under age 40 or over age 84, is a contract between you and an insurance company that goes beyond medical care and nursing care to include all the assistance you could need if you ever have a chronic illness or disability that leaves you unable to care for yourself for an extended period of time.
Medicare, private Medicare supplement insurance, and health insurance you may have either on your own or through your employer will not pay for long-term care.
People with long term care insurance, pay a known and affordable premium to offsets the risk of a much larger out-of-pocket expense.
Several types of policies are available, but most are indemnity policies. This means that they pay a fixed dollar amount for each day you receive specified care either in a nursing home or at home.
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