1. What is Nationwide Long-Term Care?

Nationwide Long-Term Care insurance helps cover the costs of care when you have a chronic medical condition, disability, or disorder such as Alzheimer's disease. It provides financial protection against the high costs of long-term care services.

2. How Does the Calculator Work?

The calculator uses the standard LTC premium formula:

Where:

• \( Coverage\ Amount \) — The total amount of coverage desired (USD)
• \( Rate\ per\ \$1000 \) — The insurance rate per $1000 of coverage (USD)

Explanation: The premium is calculated by multiplying the coverage amount by the rate per $1000, then dividing by 1000 to get the actual premium amount.

3. Importance of LTC Coverage

Details: Long-term care insurance helps protect your savings from being depleted by the high costs of nursing home care, assisted living, or in-home care services which are typically not covered by health insurance or Medicare.

4. Using the Calculator

Tips: Enter your desired coverage amount in USD and the rate per $1000 provided by your insurance company. Both values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What factors affect LTC insurance rates?
A: Rates are based on age, health, gender, the amount of coverage, and the length of the benefit period.

Q2: When is the best time to buy LTC insurance?
A: Typically in your 50s or early 60s when premiums are more affordable and you're more likely to qualify.

Q3: What's typically covered by LTC insurance?
A: Nursing home care, assisted living facilities, adult day care, and in-home care for activities of daily living.

Q4: How much coverage do I need?
A: This depends on your assets, income, and the cost of care in your area. A financial advisor can help determine appropriate coverage.

Q5: Are premiums tax-deductible?
A: Premiums for qualified LTC policies may be deductible as medical expenses, subject to IRS limits.