Wednesday, November 11, 2015

Quick Guide to Buying Long Term Care Insurance

It is important to remember that when planning for long -term care, the focus should not be on the cost of care currently, but what care will cost when it is most likely needed. That may be 10 years, 20 years, 30 years, or longer.

Now let's consider five essentials regarding long term care insurance.

1. There are different types of provisions in long term care insurance. The type of long term care that is provided depends on the patient's medical necessity, psychosocial needs, and financial situation. Types of long term care include: skilled nursing, intermediate, custodial home-based and hospice care.

2. Policyholders must meet certain conditions to receive benefits.
Long term care benefits begin when policyholders meet certain conditions. A licensed professional performs an assessment to determine if there is a medical necessity for long term care. Medical necessity is generally defined as an inability to perform daily activities, such as bathing, dressing, or eating, due to severe physical limitations or cognitive impairments.

3. The type of policy and the needs of the individual determine the cost of long term care insurance.
Annual premiums can vary significantly depending on your age, health, and the type of policy, but policies can run as high as $5,000 or more per year, However, you do not have to pay that much. Your premium could be reduced by choosing a shorter benefit period, buying at a younger age, sharing care, choosing a longer elimination period, reducing the daily benefits, and including inflation protection.

4. A typical policy pays for care either in a nursing facility or at home
You may fiercely resist living out the rest of your life in a nursing home and would prefer to live at home. These benefits include homemaker/home helper service and home health services which would cover both non-medical and medical services in the home. Today's best long term care policies are designed to provide for this.

5. Your premiums may be tax deductible

There are tax advantages to acquiring long term insurance. Whether you buy it as an individual, a sole proprietor or as a corporation, the premiums can be treated as a tax deductible medical expense. Your tax adviser can update you on the current federal and state rules and limits.


Choosing a Long Term Care Insurance can be complicated. Leave me an e-mail at bwillbar@gmail.com if you have any questions. and, don't forget a Final Expense Plan.

Any Comments? Leave them below.
Enhanced by Zemanta

4 comments:

  1. Hey, I found this informative and interesting blog i think its Very useful and Knowledge able.I Would like to thank you for the Efforts You have made in writing this article.Love it!
    Term Life Insurance

    ReplyDelete
  2. The knowledge you provide is a real asset we have. Keep on posting such valuable articles - Contractors Bonding Insurance

    ReplyDelete
  3. Dear fellow blogger,

    I just would like to ask if you're interested in exchanging links.
    Your site is relevant to mine and I would love to add it in my
    blogrolls. I'm working on these senior insurance-related blogs:

    Long Term Care Plans - http://longtermcareplans.blogspot.com
    LTC Articles - http://ltcarticles.wordpress.com

    Hoping for your favorable response. Let me know if you’re interested.

    Regards,

    Seth Molton
    seth.molton@gmail.com

    ReplyDelete
  4. Thanks everyone for your comments and compliments. I had to attend to some important matters, but my focus is now back on posting regularly. With regards to exchanging links, I'm always interested in doing so when it will increase the knowledge of our readers.

    Looking forward to hearing from you.

    ReplyDelete