A large percentage of people will need some type of assistance with daily living activities before passing away. Long term care insurance can be an asset to assist with the associated costs. However, it is not something that should be purchased, then shelved until it's needed. It's important to understand the definitions outlined in your policy because they will dictate how your costs will be covered.
Long term care insurance has evolved over the decades. For example, a policy might cover nursing home costs but might not cover costs incurred in an assisted living facility. Furthermore, your policy will define if a facility is classified as a nursing home or assisted living. It is imperative that you understand these definitions, and many others, before it's time to file a claim.
It can be very unsettling to find out that your policy will not provide coverage at the time that assistance is needed.
Your financial advisor or an insurance professional should be able to offer a free review of your policy and this is a service we offer at Seasons Wealth. It's important.