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Long-Term Care Insurance


Long-term care insurance covers the cost of long-term healthcare needs for you, your family, and your employees. Unlike regular health insurance, long-term care insurance covers the cost of living during a prolonged illness such as Alzheimer’s or Parkinson’s disease. If you or a family member suddenly became unable to care for yourself, and required assistance to perform activities such as dressing, bathing, and feeding yourself, long-term care insurance would cover the cost of an assisted living facility, an at-home nurse, adult daycare, or hospice care.

While many physicians think of long-term care insurance as a future investment, the fact is that some 40% of long-term care insurance policies in the United States are purchased and used by adults between the ages of 18 and 64. Policies are available as tax-qualified and non-tax qualified plans, and may provide different tax incentives based on the type of care needed. Premiums are lowest when a long-term care insurance plan is purchased early, before retirement age.Adding a long-term care option to your employee benefits plan will set your practice apart and help you attract top talent. It will also protect you and your family in the case of an unexpected long-term illness.

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Author: DBN