One of the largest threats to anyone’s nest egg is the lack of planning for extended care. Long-Term Care insurance (LTCi) can lessen this risk. Traditional Long-Term Care will offer custodial care which provides services beyond medical care, due to a disability or chronic illness. These services can be provided in a nursing facility, assisted living facility, adult day care and in one’s own home. LTCi also can have tax advantages and asset protection programs in various states.
 

Benefits are triggered after you have satisfied the Elimination Period and have been certified as needing hands-on help with at least two of the six standard Activities of Daily Living (Bathing, Continence, Dressing, Eating, Toileting, and Transferring) for at least 90 days.
 

Long-term care insurance helps cover the cost of assistance with daily living activities and healthcare needs when someone can no longer do these things independently. It can provide financial protection against the high costs of long-term care, which can be needed at home, in assisted living facilities, or in nursing homes.
 

Here's a more detailed explanation:
 

What it covers:
Long-term care insurance can cover a wide range of services, including help with bathing, dressing, eating, and toileting, as well as medical care and supervision.
 

When it's needed:
Many people, especially as they age, may need assistance with daily activities due to chronic illnesses, disabilities, or cognitive decline.

Why it's important:
Long-term care can be very expensive, and many people can't afford to pay for it out of pocket. Long-term care insurance can help offset these costs.
 

How it works:

You pay premiums for the coverage, and when you need long-term care, the insurance company pays a portion of the costs.

Types of policies:

There are different types of long-term care insurance policies, and some may be better suited to specific needs.

Important considerations:

Policies have limits on the amount they will pay and the duration of coverage. It's important to understand the details of a policy before purchasing it.

Where to find coverage:
Long-term care insurance can be purchased through private insurance companies, group policies, or even in conjunction with other insurance policies like life insurance.