Long term care insurance provides coverage for long term at home health care, assisted living facility care, or nursing home care.
The cost of long term care services is high, and will only go up in the future.
Befefits can be payable for 2 year to lifetime. The average is 5 years. Benefits can also be payable on a daily or monthlt basis. Why daily or monthly? Benefits have a maximum limit. If based on a daily limit, befenits will be paid up to the limit on the day of the claim. If the benefit has a $200 / day limit, but the cost of care is $210 for that day the benefit paid would be $200 and your cost will be $10. If the benefit is paid on a monthly basis, $6000 / month, and care cost for one day exceed $200 but the cost for the month is less than $6000, all care is paid for.
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