Protecting Your Future: What is Long-Term Care Insurance?

Many of us spend decades building a nest egg for a comfortable retirement. But one of the biggest risks to that nest egg is the potential cost of long-term care. Without a plan, the expense of care due to chronic illness, disability, or cognitive impairment can quickly deplete your life's savings.

What Does Long-Term Care (LTC) Cover?

LTC is not medical care; it's assistance with daily living activities. This can include help with bathing, dressing, eating, or moving around. Care can be provided in various settings:

• At Home: A visiting nurse or home health aide can provide assistance, allowing you to stay in familiar surroundings.
• Assisted Living Facilities: Residential communities that provide support with daily activities.
• Nursing Homes: For those who need a higher level of supervision and care around the clock.

Why Isn't Health Insurance or Medicare Enough?

This is a common misconception. Standard health insurance does not cover long-term custodial care. Medicare provides limited coverage for skilled nursing care for short periods after a hospitalization, but it does not pay for ongoing custodial care.

Long-Term Care insurance is specifically designed to cover these costs, providing a dedicated pool of money so you don't have to drain your retirement accounts. It protects your assets, preserves your independence, and prevents you from becoming a financial burden on your family.