What are a retiree's choices to protect their financial future if they face a catastrophic illness or live too long? When should a pre-retiree consider buying Long-Term Care (LTC) insurance?
LTC is designed to help cover the cost of services for people needing assistance with activities of daily living (custodial care), such as eating, dressing, and bathing, or who have a severe cognitive impairment such as Alzheimer's disease. Care can be received at home, an adult day care center, a hospice, an assisted living facility, or a nursing home.
Long-term care is not covered by most health insurance policies or disability insurance. If a potential stay in a nursing home for a client or a family member is a concern, this risk can be covered with a comprehensive LTC Policy or an LTC Rider. Products vary, but in general, clients can choose the length and amount of coverage that works best with their circumstances and financial situation.
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