Many long-term care (LTC) insurance policies pay benefits if you need to be in a nursing home. Most people, though, prefer to receive care at home. Therefore, it is vital to see whether an LTC policy will pay benefits for other types of care.
Home care. Some LTC policies pay benefits for home care but only if that care is provided through an employee of a licensed agency or by a certified home health aide. If possible, look for a policy that will pay benefits if home care is hired by any non- relative. You’ll have more flexibility and might wind up with a more desirable caregiver.
Assisted living. Many seniors now live in assisted living facilities. These facilities offer some services but residents have more independence than a nursing home offers. Assisted living generally costs much less, too.
Some LTC insurance policies cover expenses in an assisted living facility, but only if the place is licensed by the state. Check your policy before moving into assisted living.
