Different insurance companies would apply different marketing strategies to get your business. From freebies to discounts, it can be very appealing especially for new plan holders. However you shouldn’t just rely on these marketing campaigns. The company you choose needs to be trustworthy to keep their end of the deal in providing you coverage for long term care health in the future. In getting the best possible coverage, choose a company that has already established a name for itself. You can take into consideration the number of years that company has been operation and providing insurance services. You can also check forums and feedback sections of the company’s website on what other customer’s say about the service provided to them by the insurance provider. If you are nearing your retirement age, it would still be best to review each LTC quote meticulously so that
Nobody likes paying taxes but everybody has to otherwise construction of new roads and buildings, funding of educational programs and health care would be impossible. However, it is unreasonable to put up with huge annual taxes when you can easily avail of long term care tax deduction through a tax-qualified long term care insurance (LTCI) policy. You see, LTCI has so much to offer besides access to a wide range of LTC services should you need these in the future. Premiums that are paid into tax-qualified policies are treated as eligible medical expenses according to the IRS Code Section 213(d) and so these can be included in the itemized deductions of insured taxpayers. The amount of one’s LTCI premium that can be deducted from his taxes shall depend on his age at the end of the taxable year. The older he is, the higher
Debates over whether LTC policy acquisition is necessary or not has been circulating around the country since it was introduced. Surprisingly, even though there are some doubts and hesitations regarding its ability to pay out the policy owners’ LTC plans, over 10 million Americans now own one for their future needs. One of the reasons that critics give regarding LTC policies is that it has high-priced monthly premiums and rates that most Americans, who are average income earners, cannot afford. But the government, together with some of the private insurance companies in the country, have developed programs and initiatives to make LTC policies more affordable and made its requirements more suitable and appropriate to the majority of United States residents. One of the advantages of having an LTC plan is the benefit that insured individual gets from the inflation protection feature of his policy.
If there is a recurring condition that runs in your family, such as Alzheimer’s or diabetes, long term care insurance may be a worthwhile investment to make. Imagine having to spend less or sometimes none at all for a stay at a nursing facility or being able to afford the costs home health aides that would take care of you when you are no longer able to take care of yourself. On an average, a year’s stay in a nursing home can cost $67,000 which is expected to further rise. In making long term care comparisons, it’s important to give your undivided attention to the following: Inclusions and Exclusions in the LTCI policy - One of the things that you need to remember when investing in LTCI policies is the plan’s coverage, the services or costs that the policy can cover or not. Does
Life expectancy continues to increase every year so people are most likely to go beyond the age of 65 and receive long term care eventually. It can get really expensive for some particularly those without coverage. One needs to plan and research on long term care as early as possible to avoid expensive long term care cost. Researching can help people understand the services available provided by their communities, independent caregivers and their own family members. They have quite a few options actually that they can explore and study first before coming up with a decision. Long term care services can be given through facilities such as nursing homes and assisted living facilities. This option is ideal for people who prefer to move out of their homes and receive custodial, skilled and medical care from professionals. The elderly also have the options to receive
When a person becomes ill or suffers from disability that makes him unable to do or perform daily living activities for quite a period of time, long term care is needed. LTC is a variety of services which help both medical and non-medical needs of people. These kinds of services are in the form of home health care, assisted living facilities, community care, and nursing homes. Retirement savings are not enough to cover long term care cost. Needing assistance in protecting and nurturing your quality of life may come in many forms. The cost for a long term care, treatments, and services may deplete individual and family savings. But how can you protect yourself against the significant financial risk posed by the potential need for long-term care services? To avoid this kind of scenario, getting insurance for long term care is a good idea. Financial
Women and long term care are connected in ways more than you think. In fact, long term care is a far more pressing issue for women than it is for men. Women should be more focused and willing to plan for long term care because they’re the ones who need it most. Why? Quite a handful of reasons are behind it. Women are expected to live longer than men. A woman’s life expectancy is 80.5 years, while for a man it is 75.9 years, according to the Global Burden of Disease Study 2010 (GBD 2010) led by the Institute for Health Metrics and Evaluation at the University of Washington. Relatively, the expected life span of women is higher by 5 years compared to men. Assuming that a woman is married and her spouse had lived up to the number of years expected of a