Long Term Care

When it comes to your long term insurance, you never want to settle for anything less than the best. That’s because this insurance helps provide those struggling financially with the cost of long-term care which is not typically covered by health insurance, Medicaid or Medicare. In other words, they provide financial aid to those dealing with a specific condition for an extended period of time.

Some of the services long-term care insurances cover in particular are home care, adult daycare, hospice care, Alzheimer’s facilities, nursing home and respite care. Long Term Care insurance comes with many benefits. For starters, a lot of times people with these types of conditions don’t want to burden their children for support, so instead they turn to long term insurance to cover the expenses. In fact, without this service, the care could end up costing the individual and his or her family all of the hard earned savings accumulated over the years. That’s not the only benefit of this insurance, though. Any premiums that are paid on a long term care insurance plan could leave the individual eligible for an income tax deduction. This amount is generally based on the age of the person it is affecting.

The two main types of policies are tax qualified and non-tax qualified. Tax qualified is the most common policy offered because it pertains to many of the people typically seeking out this insurance. In the policy, it requires that an individual needs care for at least 90 days but can’t perform 2 or more basic activities like bathing or eating without some type of assistance. Then, there is the non-tax qualified policy, which used to be known as the traditional long term care insurance. For this policy, a patient’s doctor or someone from the insurance company must make note that the patient needs care for a medical reason. From there, the policy will have to pay. Unlike the tax qualified policy, non-tax qualified only requires that the person can’t perform 1 or more task of daily living.

Remember, in order to be approved for any of these insurance policies, a doctor send in their approval.