What is long-term-care insurance?
This type of policy covers basic daily needs over an extended time. While health care insurance or Medicare helps pay for immediate medical expenses, say, a surgeon's bill, long-term-care insurance helps people cope with the cost of chronic illnesses, such as Alzheimer's disease, or various disabilities. The policies pay for assistance with everything from the basics — bathing and dressing — to skilled care from therapists and nurses for months or even years.
Financial Advisor Adam Moeller in Denver Colorado says "long term care costs can easily use up your retirement savings quickly." Moeller says "new hybrid products combining insurance and an annuity can be particularly helpful."
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