Understanding of Long Term Care Insurance Benefits
Why Buy Long Term Care Insurance?
Accordingly to the Urban Institute and the U.S. Department of Health & HumanServices, about half of 65-year-olds today will eventually develop a disability and require some long-term care services, Most of them will need special care and services for at least two years, but about 14% will require care for more than five years.
Regular health insurance does not cover long-term care. that’s why it’s so important for you to understand the benefits of purchasing a LTCI on time.
People buy long-term care insurance for two main reasons:
1. To protect savings. Long-term care costs can destabilize you and your
family economy, by taking a LTCI policy you can stay ahead of any
emergency or health condition of your loved one.
2. To expand the possibilities for services and care. Including care from
visiting nurses, home health care, home-delivered meals, and chore services.
Considering long-term care costs is an important part of any long-range financial plan, especially in your 50s and beyond. Waiting until you need the care to buy coverage is not an option. You won’t qualify for long-term care insurance if you already have a debilitating condition. Most people with long-term care insurance buy it in their mid-50s to mid-60s.
A long-term care insurance policy helps cover the costs of your needs when you have a chronic medical condition, a disability or a disorder such as Alzheimer’s disease. Most policies will reimburse you for care given in a variety of places, such as:
- Home care
- Nursing home care
- An assisted living facility
- An adult daycare center
As your loved one ages, purchasing an LCTI policy can reduce the financialand emotional impact of the situation. This way you’re preserving your senior loved one’s life quality and deciding how long-term care services will be required as health conditions appear.
By Purchasing a LTCI Policy You Can:
- Pay for professional care and giving your loved ones the care they need.
- Help family members by relieving them of caregiving tasks
- Maintain your financial stability, preventing the need to borrow money for long-term care costs.
- Preserve your loved one financial independency, and preserve assets for family and friends.
- Allow your loved one to choose where and how he receives care.
- Increase the variety of services and supports your senior loved one receives.
Tax Advantages of Buying Long Term Care Insurance
Long-term care insurance can have some tax advantages if you itemize deductions, especially as you get older. The federal and some state tax codes let you count part or all of long-term care insurance premiums as medical expenses, which are tax- deductible if they meet a certain threshold.
The experts at Right at Home, Palm Beach County, will help policyholders understand and verify their long-term care insurance benefits. Our senior care professionals will guide you through the process of reviewing and fling a claim so you can start receiving benefits. Make sure to call us today, to take advantage of the free long-term care insurance assessment. Once done, we will coordinate a conference call with you and your insurance carrier to do the following:
- Analyze & identify the requirements from your policy, which includes any elimination periods, daily maximum, life-time benefits, and coverage.
- Bill the long-term care insurance carrier directly, which is at the policyholder’s request.
- Assist the policyholders (You) in completing the needed forms to file a claim. Help with the responsibilities of scheduling, benefits, payroll taxes, workers’ compensation, bonding, and all general and professional liability insurance.
