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Question: Is there such a thing as nursing home insurance?

Answer:

Insurance that pays for expenses related to long-term (custodial) care comes in many shapes and sizes. Some insurance policies only pay for care provided in a nursing home or assisted living facility, and does not pay for care provided at adult day care centers or in your home. These types of plans are called facilities-only plans or nursing home insurance.

Comprehensive plans, on the other hand, not only cover long-term care provided in nursing homes or assisted living facilities, but these policies also pay for services rendered in a hospice facility, adult day care center, and even at home. Generally, facilities-only plans usually cost less than comprehensive policies.

Copyright 2006-2019 Broadridge Investor Communication Solutions, Inc. All rights reserved. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

J
Josh is the author of this solution article.

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