Long-term care insurance coverage is designed to help you pay for the costs associated with nursing home care, home health care and assisted living facilities as you grow older. This kind of additional insurance can help maintain your financial independence for a longer period of time. Keep in mind, too, that the best time to obtain long-term care insurance is while you're young and healthy — before you may see the actual need for it — since premiums can significantly increase with age.
Depending on your own personal health and family longevity, you might someday need assistance with many of the activities of daily living, like eating and dressing. That's when having long-term care insurance can help. Being able to pay for professional care can also lessen the financial and emotional burden on your loved ones.
If you have a strong desire to protect your savings and assets — which you've worked very hard to accumulate during your life — then a long-term care insurance policy could be an excellent investment in your future.
What Long-Term Care Insurance Can Offer You
Long-term care insurance coverage can provide nursing home care, home health care and personal or adult day care for you if you develop a chronic or disabling condition that requires supervision. With a long-term care policy, you can choose the benefit period (the length of time during which a benefit is paid to you) and amount that are right for you.
Common benefit periods include one, two, five or 10 years as well as to age 65. The benefit amount you select to cover long-term care expenses can start as low as $50 per day or $1,500 per month and it's not taxable as income. Plus, if you apply for coverage as a couple at the same time, you may qualify for a discount.
Western & Southern Agency, Inc. is a member of the Western & Southern Financial Group (Western & Southern). Long-term care insurance products available at Western & Southern are issued by third party insurance companies, which are not affiliated with any Western & Southern company. Western & Southern Agency, Inc. is the distributor. A contract's financial guarantees are subject to the claims-paying ability of the issuing insurance company.
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