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Insurance Long Term Care Insurance

With your long term care insurance policy, you will always have the funds to pay for any of your old-age needs such as adult day care, any residential facility, at-home nursing care or any other types of senior aid for that matter.
 

LONG TERM CARE INSURANCE

What is Long Term Care Insurance? This is a type of insurance that is sold in the U.S, UK and Canada. It helps pay for the expenses incurred on long-term care after a fixed period of time. Long-term care policies cover care that is usually not covered under Medicare, Medicaid or regular health insurance.

This insurance program has been around since the initial days of Medicare. While early long term policies were similar to a standard Medicare supplement policy, the policies today have evolved and usually cover a broad range of services that include nursing home-care, adult day care and assisted living facilities. Like any other insurance product, long term care policies allows the policy holder (insured) to pay an affordable premium in order to protect future catastrophic events.

Why Do I Need It? When an individual is healthy, it is easy to take activities of daily living (ADL) for granted. However, when a person is struck with degenerative conditions such as Alzheimer's disease or a stroke, performing daily activities becomes impossible without assistance from another person. Also, as we age, performing simple functions becomes difficult and is often impossible. This is the type of care that long term insurance covers.

Individuals who need long-term care policies are not sick in the traditional sense. Instead they are not able to perform basic activities, such as eating, toileting, bathing, dressing, walking, and getting in and out of a bed or chair.

What does it cover? Generally, long-term care policies cover home care, adult daycare, assisted living, respite care, nursing home, hospice care and Alzheimer's facilities. In case home care coverage is purchased, this insurance can pay for home-care, often beginning from the first day it is needed. The policy pays for a live-in or visiting caregiver, therapist, housekeeper, companion or private nurse 24 hours a day, for up to a week.

Important Points: 1. Not everyone can qualify for long-term care insurance. This is because health changes overtime, particularly as one grows older. It is smart to look into this well before reaching retirement age. Usually, 50’s is the best time to start panning.

2. Long-term care policies can be a lot more affordable than other insurance policies. The premium can vary significantly from one insurance provider to another.

3. Each insurer has a pricing that is based upon an individual’s age while applying. The available options and discounts can also vary.

Benefits of Long-Term Care Insurance: 1. Most people may feel uncomfortable to rely on their children or family for support, and find long term care policies to be an excellent way to help cover the expenses. Without this type of insurance, the expenses for healthcare services may quickly exhaust an individual’s hard earned savings.

2. Premiums paid on long term insurance products could be eligible for income tax deduction. However, the amount of deduction depends upon the policy owner’s age. The benefits paid from the long-term care contract are usually excluded from income.

3. The business deductions of premium are determined by the type of business. Usually, corporations paying premiums for employees are 100% deductible if it is not included in an employee's taxable income.

LONG TERM CARE INSURANCE

What is Long Term Care Insurance? This is a type of insurance that is sold in the U.S, UK and Canada. It helps pay for the expenses incurred on long-term care after a fixed period of time. Long-term care policies cover care that is usually not covered under Medicare, Medicaid or regular health insurance.

This insurance program has been around since the initial days of Medicare. While early long term policies were similar to a standard Medicare supplement policy, the policies today have evolved and usually cover a broad range of services that include nursing home-care, adult day care and assisted living facilities. Like any other insurance product, long term care policies allows the policy holder (insured) to pay an affordable premium in order to protect future catastrophic events.

Why Do I Need It? When an individual is healthy, it is easy to take activities of daily living (ADL) for granted. However, when a person is struck with degenerative conditions such as Alzheimer's disease or a stroke, performing daily activities becomes impossible without assistance from another person. Also, as we age, performing simple functions becomes difficult and is often impossible. This is the type of care that long term insurance covers.

Individuals who need long-term care policies are not sick in the traditional sense. Instead they are not able to perform basic activities, such as eating, toileting, bathing, dressing, walking, and getting in and out of a bed or chair.

What does it cover? Generally, long-term care policies cover home care, adult daycare, assisted living, respite care, nursing home, hospice care and Alzheimer's facilities. In case home care coverage is purchased, this insurance can pay for home-care, often beginning from the first day it is needed. The policy pays for a live-in or visiting caregiver, therapist, housekeeper, companion or private nurse 24 hours a day, for up to a week.

Important Points: 1. Not everyone can qualify for long-term care insurance. This is because health changes overtime, particularly as one grows older. It is smart to look into this well before reaching retirement age. Usually, 50’s is the best time to start panning.

2. Long-term care policies can be a lot more affordable than other insurance policies. The premium can vary significantly from one insurance provider to another.

3. Each insurer has a pricing that is based upon an individual’s age while applying. The available options and discounts can also vary.

Benefits of Long-Term Care Insurance: 1. Most people may feel uncomfortable to rely on their children or family for support, and find long term care policies to be an excellent way to help cover the expenses. Without this type of insurance, the expenses for healthcare services may quickly exhaust an individual’s hard earned savings.

2. Premiums paid on long term insurance products could be eligible for income tax deduction. However, the amount of deduction depends upon the policy owner’s age. The benefits paid from the long-term care contract are usually excluded from income.

3. The business deductions of premium are determined by the type of business. Usually, corporations paying premiums for employees are 100% deductible if it is not included in an employee's taxable income.

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