Long term care is a concept which is new to the insurance-buying public. Gone are the days where generations of a family would live in the same town let alone live in the same house, where family members would look after each other.
At a cost of $250 a day or $91,000 a year, the risk is substantial.
The types of care can vary: adult day care, assisted living, at-home care (80% of long term care patients, are at home), or a convalescent hospital. Additional features are renovation benefit to retrofit your home, bed reservation, and allowing of family members to provide care. There are even respite benefits for the caregiver.
That’s where a long term care policy with a daily cash amount for professional care can help. Medicare and Medicare Supplement policies do not cover long term care.
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