Pays benefits as a result of an insured individual’s inability to perform activities of daily living, i.e. bathing, eating, dressing, toileting, continence, transferring. Long Term Care insurance also responds in the case of cognitive impairment.
The cost of assistance from a skilled nursing care provider can easily cost hundreds of dollars per day. Should one choose to receive care in a skilled nursing facility, those costs can soar even higher. Long term care insurance is designed to fund the type of non-acute care that so many individuals will need during their lifetime. It also allows individuals the freedom to obtain the long term care that they need, on their own terms, without rapidly depleting their assets or forcing dependence on others.