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Long-term care insurance can help pay for the cost of an assisted living facility, or for caregivers who provide in-home care.

This insurance can be very helpful if you require 24-hour nursing care in a residential facility, want to stay at home but need some assistance and don’t have family members who help with your care.

Will You Need It?

Increased life expectancy in the United States brings with it an increased likelihood of needing some type of assistance at the end of life, whether in a care facility or at home.

The earlier you purchase long-term care insurance, the lower your premiums will be. If you eventually do need in-residence or home care, the insurance can pay for itself many times over.

Staying Home

Most people would prefer stay in their own home rather than move into an assisted living facility. The home care component of long-term care insurance is helpful when you need assistance with personal care, meal preparation, light housekeeping, and other basic needs. Even if you have help from family members, home care will provide additional support for your family.

For home care, you or your healthcare agent will hire caregivers from a company that is approved by your long-term care insurance provider. The company will request reimbursement for a share of those bills from your insurance company.

Since not all long-term care policies cover home care, you should carefully review the benefits of the policy if you would like to have this option.

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