In return for your payment of premiums, a long-term care insurance (LTCI) policy will pay a selected dollar amount per day (for a set period of time) for your skilled, intermediate, or custodial care in nursing homes and, sometimes, in alternative care settings (such as home health care). The risk of contracting a chronic debilitating illness (and the resulting catastrophic medical bills incurred) is considered by many to be one type of risk best transferred to an insurance company through the purchase of (LTCI).
Prerequisites
· You recognize the potential need for long-term care, you wish to protect assets, and you can afford to pay the premiums
Key Strengths
· Subsidizes nursing home bills
· Allows you to preserve assets
· Allows you to maintain control over your assets
· Premiums may be tax deductible
Key Tradeoffs
· May be too expensive for people of modest means
· Risk is involved
· Not necessary if you'll qualify for Medicaid (however, Medicaid may not cover all nursing home costs)
Variations from State to State
· Check the laws of your state
How Is It Implemented?
· Compare policies and benefits, and check the financial security of the companies you're reviewing
· Review policy provisions carefully to ensure that it offers the features you require
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