As we age, the need for long-term care insurance becomes more important. We have all watched a family member or friend struggle with a stroke, Parkinson’s, Alzheimer’s or simply advanced age when he could no longer take care of himself. This type of insurance coverage helps to pay for approved services and care required by anyone with a chronic illness or disability.
In certain circumstances, long-term care insurance may even offer some significant tax deductions or tax credit. You should consult with your tax advisor for details.