3 Reasons to get a Long Term Care Insurance Quote Online
Guide to Long Term Care Insurance - What You Need to Know
You've heard of auto, health, life, and even home owner's insurance - but
have you ever heard of long term care insurance? If you have, do you really
understand what long term care insurance is?
Here is your brief guide to long term care insurance.
Like many people, you probably think long term care insurance pays for the medical and health needs of a person who is sick, injured, or otherwise in need of assistance for a long period of time. However, long term care insurance does not pay for medical or health needs. Long term care insurance covers the cost of everyday living assistance, such as eating, walking, getting dressed, sitting, and standing.
Receiving long term care does not mean you have to be in a nursing home or other assisted living facility. Actually, most people receive long term care in the comfort of their own homes. Receiving long term care in your home is much cheaper than receiving long term care insurance in a nursing home or other assisted living facility. Another variable in the cost of long term care insurance is where you live.
Purchasing long term care insurance can actually have some surprising benefits when tax season rolls around. Based on how old you are, you can deduct a certain percentage of your long term care insurance premiums. The older you are, the more you can deduct.
There are several different ways to buy long term care insurance. Your employer may offer it, or you may be able to get it through your existing life insurance policy. Of course, you can always purchase an individual long term care insurance policy. Yet, it's important to remember that long term care insurance isn't right for everyone. The very wealthy would benefit more by paying for long term care out of their own pockets, while the very poor would benefit more by letting Medicaid handle the care costs for them.