A Long Term Care Insurance plan is an insurance policy that pays the benefit when the insured person is unable to care for themselves for an extended period of time. It can provide funds to a nursing home or other care facility, or it can pay the benefit directly to the insured person to spend on their own care as they see fit.
To qualify to receive a benefit from a long term care insurance plan, the insured person must need assistance to perform at least a couple activities of daily living, such as bathing, dressing, or eating. Sometimes a mental impairment can trigger the benefit to start being paid. Policies have elimination periods, and you must wait until those days are up before beginning to receive payments for your care.
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To qualify to receive a benefit from a long term care insurance plan, the insured person must need assistance to perform at least a couple activities of daily living, such as bathing, dressing, or eating. Sometimes a mental impairment can trigger the benefit to start being paid. Policies have elimination periods, and you must wait until those days are up before beginning to receive payments for your care.