You've worked hard for your retirement, carefully planning throughout your entire career. But have you thought about the long term, after retirement? You likely want to be happy and healthy for a long while after retirement age.
Long-term care insurance (LTCI) is designed to pay for the cost of your care in a variety of settings, including a nursing home if you can no longer care for yourself independently. Policies vary widely in their coverage, limitations, and exclusions.
Policies may cover:
- Round-the-clock nursing home care
- Expenses associated with assisted-living residences
- Adult day-care centers
- At-home care provided by registered nurses
- The cost of caregiver training for a family member or friend
Insurance companies will require that you meet certain conditions before they issue the benefits. Whether you've had a long-term care insurance policy for years or you're thinking of buying one, it's critical to understand exactly what set of conditions will trigger coverage.