Long term care insurance is a policy that provides monetary assistance to help pay for long term care. If you have a chronic illness, a cognitive impairment, or can’t perform your normal daily living activities then you can benefit from long term care insurance.

The services covered depend on the type of policy you have. And the type of care you need depends on your circumstances. That is why this type of policy pays for different types of situations. It might cover a stay in a nursing home, a home health aide, adult day care, or assisted living. It can also help pay for home modification to make your home safer and more accessible.

The main purpose of this coverage is to help you maintain your quality of life. You can also preserve your independence instead of depending on your family for care. Almost 70 percent of people over 65 eventually require long term care, but the need for long term care can occur at any age. Without insurance, this care can cost tens of thousands of dollars per year.

The traditional long term care policy is paid on a continual basis. You might want to consider combining a long term care policy with life insurance. If you don’t use the long term care policy, then the premium will be returned as a life insurance death benefit. But if you have a regular long term care policy and never use it, you will not have the premium returned.

Speak with your employer about obtaining long term care insurance. If it is not offered as a benefit, then contact an insurance agent.