It’s easy to take our ability to perform day-to-day activities for granted. But this can change, especially as we age. This is why it’s so important to consider your future healthcare needs as you build and review your retirement savings and income plans.
Long-term care insurance is designed to cover the costs of nursing homes, assisted livings, home health care, and other long-term care services. These services may be needed due to aging, an accident, illness, or deteriorated mental abilities. Traditional health insurance or Medicare does not typically cover these services.
If you were to become chronically ill, you might be unable to perform activities of daily living, such as bathing, getting dressed, and eating. Long-term care insurance could help to pay for the care that you need to regain your independence and lifestyle. In addition to helping pay the costs of long-term care, long-term care insurance may help to provide these benefits: