Long Term Care Insurance
It is designed to insure yourself against the cost of long term care, may be as a result of permanent conditions such as arthritis, a stroke or dementia. It could mean help with activities of daily living(ADLs) such as washing, dressing or eating.
The State may provide some help towards the costs of this care depending on your circumstances. There is therefore a need for LTCI to prevent undue reliance on State benefits which might not be available or adequate when needed.
There are two types of long term care insurance:
Pre-funded insurance
You can buy this in advance, in case you need care in the future.
Immediate care insurance.
You can buy this when you actually need care.