Standalone long-term care insurance is a type of insurance policy specifically designed to provide coverage for long-term care services that are not typically covered by traditional health insurance or Medicare. This insurance helps individuals pay for the costs associated with long-term care, such as nursing home care, assisted living, in-home care, adult day care, and hospice care.

Key features of standalone long-term care insurance include:

1. Coverage Duration: Standalone long-term care insurance provides coverage for an extended period, often for several years or even a lifetime, depending on the policy terms. It is designed to address long-term care needs that may arise due to aging, illness, or disability.

2. Covered Services: The policy covers a range of long-term care services, including skilled nursing care, personal care assistance, therapy services, and medical equipment or supplies needed for daily living activities.

3. Flexibility: Policyholders can choose the level of coverage, benefit amount, and duration of coverage that best suits their needs and budget. This flexibility allows individuals to customize their insurance plan based on their unique long-term care needs.

4. Premium Payments: Policyholders pay premiums either as a lump sum or through periodic payments, depending on the policy structure. Premiums for standalone long-term care insurance can vary based on factors such as age, health status, coverage options, and benefit amount.

5. Benefit Payout: When a covered event occurs, such as needing long-term care services, the policyholder receives benefits based on the policy's terms and conditions. These benefits can help cover the costs of care, providing financial support during a challenging time.

Typical candidates for standalone long-term care insurance include:

• Individuals who want to protect their assets and savings from being depleted by long-term care expenses.

• Individuals who have concerns about relying solely on family or government programs to cover long-term care costs.

• Individuals who prefer to have dedicated insurance coverage specifically for long-term care needs, separate from other insurance policies.

Standalone long-term care insurance offers peace of mind and financial security by providing coverage for long-term care services that may not be covered by other insurance plans. It's important to review policy details, coverage limits, exclusions, and premium costs when considering standalone long-term care insurance to ensure it meets your specific long-term care needs and financial goals.