Long-term care insurance is insurance that may be added to a patient’s current medical insurance coverage. It can be included in private health insurance or government provided insurance, Medicaid or Medicare.
Long-term care insurance covers services that are separate from health insurance policies which help with the payments of doctor appointments, hospice stays, or prescriptions. Long-term care insurance is especially for services to help the patient with in-home care. They would need help with daily living wants like meal preparation, feeding, transferring, toileting, or dressing. This might comprise paying for a service to have someone to come and perform these obligations such as cooking and cleaning of the home for the patient.
The majority of folk who would need the service are elderly. They won’t be physically in a position to perform their duties or they may have cognitive impairment like Parkinson’s disease or Alzheimer’s. Some youngsters may qualify if parents need extra help with a disable child. This would be a form of cessation care.
Long-term health care insurance also includes coverage for patients who would need to moved from their home into a retirement home. Other examples are assisted living facilities and adult day cares.
Advantages to purchasing a long-term care insurance plan include providing the patient with more financial security during the time they are least in a position to care for themselves. Paying for a caregiver to come to the home can be really expensive, and an insurance policy covers most costs. Medicare plans pay for a big portion of in-home care.
A second benefit is that these insurance plans are tax deductible, and businesses which pay for a workers premiums also benefit from tax repayments.
Tax-qualified are the kinds of policies which are most commonly available. There are restrictions in which an individual must qualify for these services. They must need in-home care for more than 90 days. The patient must also require help in 2 areas of assisted daily living. Examples are assistance with meal preparation, feeding, showering, transferring from a chair to bed, continence, light housekeeping, driving to perfom errands, and reminding of medications. The plan also wants to ordered by the doctor. The patient purchasing an insurance plan isn’t taxed.
The rates of these insurance plans are primarily based on several factors. Insurance companies will look at a patient’s age, the benefit of these services to the patient, the length of service, and the patient’s health rating. There are a few types of discounts available to like deductions for couples purchasing individual policies. This would apply not only to married couples but to those that meet the factors living together and sharing basic living expenses.
There are many folk who would gain advantage from long-term care insurance because when the time comes a person cannot handle their regular duties, it helps noticeably financially at these times. It provides families the comfort that they are able to provide somebody to take care of their loved one when they don’t seem to be able to. These plans also help in being tax deductible to the client.
Before you go out and buy a policy go to Long Term Care Insurance, ask questions and request a long term care insurance quote. We represent 20 of the top LTCi providers. This gives you tremendous options.
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