Long-Term Care Insurance

Aging and illness are natural parts of life—no matter how well you take care of yourself, you can’t completely prevent chronic conditions or stop the passage of time. However, growing older or facing health challenges doesn’t mean you must give up your independence. Long-term care (LTC) insurance can offer support to help you maintain a safe, healthy and stable lifestyle—without overwhelming financial stress.

LTC insurance is one of those benefits you might not think about until you need it. But even with the best planning, it’s impossible to predict every future care need. The right LTC policy can help cover many of those unexpected costs, giving you and your loved ones greater security.

What Is Long-term Care Insurance?

As we age or face health challenges, everyday tasks like dressing, eating or moving around may become more difficult. Long-term care insurance can help cover the cost of professional assistance—whether at home or in a care facility—so you don’t have to shoulder the financial burden alone.

When you need help, you can file a claim with your LTC policy to cover eligible expenses, helping you stay safe and supported without draining your savings.

How Does It Work?

LTC insurance can help pay for a wide range of services, such as the following:

• In-home care
• Skilled nursing or rehab facilities
• Assisted living communities
• Adult day care centers

Types of Long-term Care Policies

There are three main types of LTC insurance plans:

1. Reimbursement policies—These plans can reimburse you for the actual cost of care up to a set daily or monthly limit. For example, if your daily limit is $200 and you use $150 worth of services, you’ll be reimbursed $150, and the remaining $50 stays available for future use.
2. Indemnity policies—With an indemnity plan, you receive a fixed daily benefit regardless of the actual cost of care. So, if your benefit is $200 per day, you’ll receive that amount even if your care only costs $150—giving you the flexibility to save or use the extra funds as needed.
3. Cash benefit policies—These plans typically offer the most flexibility. You receive a cash benefit that can be used however you choose, including paying family members who provide care or covering other related expenses.

Learn More

For long-term care insurance near you, contact Arches Insurance.