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What is Long Term Care Insurance?

Long Term Care Insurance is a planning tool that allows you to pay an affordable premium to protect yourself in case of an unaffordable catastrophic event.

Long Term Care is not medical care. Almost everyone believes the chances of ending up in a nursing home are remote. But please don't confuse that with growing old and needing care. Different from medical care, Long Term Care assists a person with normal daily activities they can no longer manage. Whether your need is due to age, injury or disability, Long Term Care Insurance provides daily and/or monthly benefits to pay for the necessary care not generally covered by health insurance, Medicare or Medicaid.

It is true that Long Term Care (LTC) Insurance will pay for nursing homes, but that is the one place most of us would never want to be. However, in certain situations LTC insurance can actually keep you out of a nursing home by providing funding to hire someone for in-home care.

Benefits are triggered by the inability to perform two or more activities of daily living (ADLs): toileting, bathing, dressing, eating, transferring (getting from one point to another without falling) or continence. A cognitive impairment, which can include problems with memory, perception, problem solving and conceptualization, can also trigger benefits if it leads to a requirement for substantial assistance. Your own doctor is the one who certifies that care is needed.

Below are links to just some of the companies that provide Long Term Care Insurance. View each link and compare/contrast them to other programs to make the best choice for you.

Prudential Long Term Care Learning Center
Genworth Financial Long Term Care for Individuals
John Hancock Long-Term Care
Lincoln Financial Group LTC

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