What is Long-Term Care Insurance?

No matter how well off you are, the cost of long term care could severely impact our life’s savings.
Long Term Care Insurance provides protection for the costs of nursing home stays. Costs for long term care in a nursing home now exceed $300 per day on average (NY figure), so it’s easy to see how fast your savings could disappear. Another important benefit of long term care insurance is that It also you more control over your own independence by allowing you to live at home in the event of illness or injury. Most people prefer to recover in the comfort of their own home. Long Term Care insurance provides coverage for the costs of home health care.
The cost of long term care insurance depends on your age, the benefits you choose, the length of coverage and other factors. Long term care insurance policies vary widely in the coverage they provide, and consumers are wise to do some research before purchasing any long term care insurance policy.

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The information in this post is general in nature, and geared toward insurance conditions in Western New York.  As always, you should speak with an insurance adviser to determine your specific insurance needs.

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