Americans are living longer as a result of scientific advancement and medical breakthroughs. Consequently, the need for long-term care insurance has increased dramatically. Long-term care is extended care you would need for basic activities such as bathing, dressing, or eating because of chronic illness, injury, or frailties of old age. However, long-term care insurance is not just for the elderly. Catastrophic events, such as a serious accident, can affect us at any time during our lives and could require long-term care.
Treatment you receive from a doctor or a hospital, or recoverable conditions such as cataracts or a heart attack are typically covered by your health insurance policies and not long-term care insurance. Long-term care is extended care, typically received at home, from a nurse, home health aide, or even a family member. It can also be provided in a nursing home, assisted living facility, or adult day-care center.
Long-term care insurance gives you the ability and the financial resources to make choices. It reserves for you the right to get the care you need in the environment you choose. Perhaps, most of all, it can help you live out your advanced years with dignity and financial security.