15 Types of Insurance It Pays to Have

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Long-term care insurance

As you get older, your health will inevitably decline. Unfortunately for many seniors, physical or mental health issues will eventually necessitate home healthcare or a move to a nursing care facility.

Even more, unfortunately, Medicare and most private health insurance policies will not cover your care at home or your stay in a nursing home if you just need routine assistance with activities of daily living. Unless you need skilled medical services, you’re on your own for footing the bill – and the bill is a big one.

If you don’t have thousands of dollars a month to pay for a health aide or nursing home, consider buying long-term care insurance. Just be sure to research policies carefully to look at what circumstances entitle you to nursing home coverage and whether daily limits on policies are high enough to cover a nursing home in your area.