Long-Term Care Insurance is a form of insurance that provides daily or monthly benefits for day-to-day care arising from chronic disease, disability, or aging. The daily activities are referred to in Long-Term Care plans as Activities of Daily Living (ADLs). Benefits are paid when a certain number of ADLs can no longer be performed without assistance or when there is proof of cognitive impairment (such as in Alzheimer's disease), and when any waiting periods or deductibles have been satisfied. Because some policies do not include certain mental conditions, you will want to ask about coverage for conditions such as Alzheimer's. Coverage may include Long-Term Care in a nursing home, an assisted living facility, a hospice, adult day care center, and/or in your home.
For more information on buying Long-Term Care insurance and listings of plans licensed in Virginia, visit the Long-Term Care section of the State Corporation Commission's Bureau of Insurance website.
Click here for more information on Virginia's Long-Term Care Partnership which is an innovative program that gives Virginians access to high quality, Long-Term Care (LTC) insurance with Dollar-For-Dollar Asset Protection so you can keep more of your life's savings.