What most people don't know...

Long-Term Care has evolved over the course of 4 decades.  You are probably familiar with the "Traditional" Long-Term Care policy that is built on the same model as health insurance.  This is a premium based plan.  You pay premiums to the insurance company, and in exchange, the insurance company will pay a benefit when the claim is filed.  If no claim is made, then you have wasted your money because this type of policy is "use it or lose it."   The insurance company also reserves the right to raise your premiums.

Consumers are beginning to learn about the Asset Based model, which uses life insurance and annuities in tax advantaged ways to pay for care.  Premiums can NEVER be increased, and if you don't need care, the benefit is paid to your beneficiaries.  This option is fast becoming the new way to pay for extended care.

SPECIAL NOTE:  If your financial advisor sold you an Annuity or Life Insurance policy and added a LTCi rider, that is NOT Long-Term Care insurance.   It is limited in most cases.