The U.S. has one of the highest costs of healthcare in the world. One trip to the hospital could mean thousands of dollars in debt, even if the patient has insurance — over time, long-term care could whittle away at their retirement.
This is where long-term care insurance plans come in. For those with chronic illnesses or disabilities, they may need medical, social, housekeeping or rehabilitation services in order to live as independently as possible. As opposed to the standard health plan, long-term care insurance typically provides coverage for care patients receive in an assisted living facility, nursing home and even their own home.
