Tuesday, August 10th, 2010
Long-term care insurance
Long-term care (LTC) insurance is a coverage that compensates the policyholder for the cost of long-term care services created to lessen the loss of functioning due to age, disability or chronic diseases. LTC has many similarities to long-term insurance. There are two basic differences. LTC policies cover up the cost of assured types of chronic care, while long-term-disability policies restore income lost while the policyholder is not able to work. For LTC, the triggering factors are the need for chronic care, while the triggering event for disability insurance is being unable to work.