Long-Term-Care Insurance
Long-term-care insurance covers some or all of the costs of nursing home care. Some policies also cover care provided at home, or services provided in the community, such as adult day programs and assisted living housing. The number of years of care and the payment per day varies with the policy. Cost-of-living increases on the daily benefit should be included if available and affordable. Some offer a care-management benefit: a trained professional who works with an individual or family to find the services needed.
Long-term-care insurance is not appropriate for everyone. Some people have sufficient funds to cover the cost of nursing home care or community services at home; for others, the cost of the premium outweighs the potential benefit of the insurance. Discuss with Senior Citizens Information & Referral Service, State Health Insurance Assistance Program, or a financial counselor whether long-term-care insurance is prudent for you. Under some conditions, long-term-care insurance premiums can be tax-deductible as a medical expense.
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