Long Term Care Insurance
This is perhaps the easiest type of insurance to rationalize putting off, but if you have ever watched a loved one go through a long-term care event you know how much of a strain it can put on a family emotionally and financially.
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Long Term Care Insurance
There are basically 4 types of long-term care insurance plans out there:
1)Medicaid (this is government coverage for people with limited financial means).
2) limited coverage for US veterans through the VA – there are a lot of qualifiers that go into this one.
3) there is the traditional long term care model – this is often to referred to as the use it or lose it.
4) there is a newer model that is referred to as the asset-based model – this model is designed to provide a guaranteed financial benefit to a beneficiary in the event that the full value of the long-term care benefit is not used eliminating the whole use it or lose it risk.