Long-term Care Insurance (LCT) definition
Long-term insurance, sold in the United States, UK and Canada, is a product that covers individuals for long-term care beyond the period covered by traditional health and medical insurance.
While long-term care insurance may cover those with chronic illnesses, it is generally concerned with providing for individuals who can’t perform typical daily activities, just as eating and bathing.
Premiums may benefit from tax relief and monies provided by the cover may also be excluded from income.
