Long term care insurance is insurance that covers the cost of medical and non-medical services needed by those who have a chronic illness or disability – most commonly associated with aging. Long-term-care insurance can cover the cost of nursing home care, in-home assistance, assisted living, and adult day care. These costs could destroy an estate plan.
In order to provide with the safety and care you would need if you become incapacitated, your loved ones would be forced to re-orient their lives to your daily care. This change can have a devastating impact on their emotional and physical well-being. Without a long-term care plan, your spouse or children would have little choice but to set their own lives aside in order to care for you, whether that was your wish or not.