Full Video Transcript
Long-term care insurance helps cover the cost of long-term care beyond a predetermined period. This type of insurance generally covers what health insurance, Medicare and Medicaid do not, such as home care, assisted living, adult daycare, hospice, nursing homes and other care facilities. Many individuals may feel uncomfortable relying on their children or family members for support, and find that long-term care insurance could help cover out-of-pocket expenses. Without long-term care insurance, the cost of providing these services may quickly deplete the savings of the individual and/or their family. Long-term care insurance is growing in popularity; premiums, however, have risen dramatically in recent years even for existing policy holders. The good news is that once a person purchases a policy, it can't be canceled by the insurance company for health reasons, but it can be canceled for nonpayment.