Why do people buy Long-Term Care Insurance?
Besides tax breaks and government incentives. People buy long term care insurance because
Long-term Care Continuum
Types of care and services that characterize long-term care range from periodic assistance or unskilled care to highly skilled nursing care. Minimal assistance, such as help preparing meals or transportation, then leads to needing additional help with such tasks as taking medicine or transferring, then assisted living community and potentially a long term care facility. The continuum spans various levels of care starting with low intensity services progressing to high intensity, 24 hour care.
Factors to Consider when Building a policy:
Resources:
Genworth Cost of Care Calculator