Long-Term Care Insurance Shouldn't Be Overlooked in Retirement Planning
7/11/2010
For people who may not be familiar with long-term care insurance, one place to learn more is the General Services Administration (GSA), a federal agency that provides information to consumers on a wide range of topics.
According to the GSA, long-term care insurance benefits will apply to those who can no longer perform various day-to-day activities, such as bathing, dressing and eating.
With that in mind, long-term care insurance may be as important to one's retirement security plans as setting aside sufficient cash savings. This is especially the case when considering that Medicare does not cover many of the needs that often present themselves later in life, including nursing homes.
However, long-term care insurance applies to more than just nursing homes. It can also be extremely helpful for families that need to arrange to care for an aging relative who still lives at home, and it can also help provide security to those who have become permanently disabled through an accident or other incident.
The GSA notes that other uses for long-term care insurance include physical therapy and skilled nursing service, while other policies may cover things like adult daycare and other options.
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