Long-term care insurance will help to pay for the costs of assisted living and nursing homes. It will also pay for nurse visits to your home, and adult daycare. This insurance is designed primarily for the elderly to help protect their life savings and help them through their later years.
You are generally safe not having long-term care insurance until you are middle aged. You may not qualify for the insurance if you have been diagnosed with any type of illness that may require long term care before you apply. These illness include lupus, multiple sclerosis and Alzheimer’s. There are many other conditions that will apply as well.
You may be able to purchase long-term care insurance through your employer. You can also purchase this insurance individually, although your premiums may be higher. You may also be able to purchase it for your parents, as long as they are willing to sign that are willing to be insured. This may save you a lot of money over the years. If you are buying it for your parents you will not be able to do that through your employer.
