Long-term care insurance

For times when additional care is needed

Long-term care insurance is designed to help pay for the cost of your care in a variety of settings, including a nursing home if you can no longer care for yourself independently. Long-term care policies vary widely in their coverages, limitations and exclusions.

A comprehensive policy generally covers the costs of around-the-clock nursing home care. This includes care given at custodial, intermediate and skilled levels. The policy may also cover any expenses associated with assisted-living residences that are state certified. Adult day-care centers are often covered as well, as is respite care, which is the temporary professional care you’ll need if your regular caregiver is on vacation. Policies may also pay for at-home care provided by respiratory, physical, occupational, or speech therapists; registered nurses; registered dietitians or licensed social workers.

Policies may also cover the cost of caregiver training for a family member or friend. Finally, the insurance may cover the cost of an independent health-care professional, such as a registered nurse, who will act as a personal care consultant. Such a benefit gives you an objective person with whom you can discuss the quality of your care.

Insurance companies will require that you meet certain conditions before benefits are issued. For example, they usually require that you be unable to perform certain regular daily activities by yourself, such as normal bathroom functions, bathing, dressing and eating. Companies will also issue benefits because of cognitive loss as a result of Alzheimer’s disease, senility and other forms of dementia. All of these requirements are explained in the policies. Make sure you speak with an insurance professional before you purchase this coverage.

For more information, answers to questions about long-term insurance care or to ask how long-term insurance care fits into an investment strategy, please contact a CFS* Financial Advisor at Denali today.

*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. ("CFS"), a registered broker-dealer (Member FINRA/ SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Denali Federal Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.

For specific tax advice, please consult a tax professional.

Financial Advisors are registered to conduct securities business and licensed to conduct insurance business in limited states. Response to, or contact with, residents of other states will be made only upon compliance with applicable licensing and registration requirements. The information in this website is for U.S. residents only and does not constitute an offer to sell, or a solicitation of an offer to purchase brokerage services to persons outside of the United States.

Insurance products and services are offered through CUSO Financial Services, Inc. (“CFS”). Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are licensed through CFS. The credit union has contracted with CFS to make certain insurance products and services available to credit union members.

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