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.