Many people assume that long-term care insurance is for nursing-home care, and it often is. But that's not all. It can also cover at-home care. Basically, it's there to help you if you're having at least a certain amount of trouble performing "daily living" activities such as bathing, dressing, eating, transferring in or out of a bed or chair, and using the toilet. To a lesser degree, it can also aid in activities such as managing money, doing heavy or light housework, taking medications, shopping, preparing meals, and using the telephone. It will typically pay a certain amount per day and may cover all or part of your needs.
Another misperception about long-term care insurance is that it's for old people. Remember that even young people can become temporarily or permanently incapacitated because of illnesses or accidents. In many cases, disability insurance can cover these risks. But if you're young, you might still want to look into long-term care insurance and what it can offer you. A bonus is that premiums are low for young people. And some policies permit you to pay for a number of years in your youth and will then cover you for the rest of your life. A little exploration can turn up some valuable coverage.
We offer more information in our Insurance Center, and you may be able to get your questions answered on our Insurance discussion board (or you can just drop in to see what others are saying there). You'll also find the websites of many major insurance companies to be helpful. Depending on the kind of insurance you're after, click over to the websites of companies such as American International Group (NYSE:AIG), Allianz (NYSE:AZ), AXA (NYSE:AXA), Aetna (NYSE:AET), MetLife (NYSE:MET), Progressive (NYSE:PGR) and Berkshire Hathaway. You may not have thought about some kinds of insurance, such as disability or long-term care insurance, but they're vital for many people. Take a little time to learn more and you may be very happy you did, if some calamity occurs in the future.
The government also offers some valuable info on this kind of insurance, as does this informative site.
