Relatively new, Long Term Care Insurance (LTCI) is
used to cover expenses related to confinement in facilities
or at home for extended periods of time. Health insurance
and Medicare do not provide this coverage for longer periods.
Medicaid requires you to spend down your assets before providing
coverage. LTCI not only provides coverage and allows you
to preserve assets, it also gives you control over where
and by whom the care is provided. The products have various
coverage limits and features.
Long Term Care can also be funded using Life Insurance
and Fixed Annuity policies with special early withdrawal
provisions for Long Term Care. These products are for folks
that are interested in self-funding potential Long Term
Care needs and increase the funds available while preserving
assets if Long Term Care is not needed.
SFS has Buying Guides for LTCI from the National
Association of Insurance Commissioners available to help
understand how the insurance works. We also have information
about annuity and life insurance options.
Investment Advisory services are not performed by the following