Long-term care insurance covers you with a monthly benefit should you require either physical or mental care, and need to be moved into a nursing home or retain a private caregiver.
Unfortunately, 43% of people over the age of 65 will require some form of long-term care. Without the proper insurance, the cost of these kinds of care can run into the tens of thousands.
By taking out long-term care insurance, you safeguard your health and your future. Whereas traditional medical care focuses on rehabilitation or cure, long-term care is designed to assist you to maintain your current level of functioning.
With long-term care insurance, you will have the necessary resources to hire a caregiver to assist you at home, or choose which care facility you would like to go to, should that be needed.
This means you will not have to spend your savings, go into debt or rely on your family to assist you to get the care that you need.