Long Term Care Insurance

Long Term Care

Long-term care insurance is an insurance product developed specifically to cover the costs beyond a predetermined period, and covers costs not covered by health insurance, Medicare, or Medicaid.

These include services in your home such as assistance with daily aqctivities as well as care in a variety of facility settings. Individuals who require long-term care are usually not sick in the traditional sense, but are unable to perform the basic tasks such as dressing, bathing, eating, toileting, continence, transferring from a bed to a chair, and walking.

Most benefit periods for long-term care policies are two, three, four, and five years, and lifetime or unlimited coverage. Some options are between five years and a lifetime/unlimited coverage, other policies translate these time periods into dollar amounts and do not limit the number of days for which they will pay, just the overall dollar amount paid.

There are fewer companies today willing to offer an unlimited/lifetime policy, although some have a “high coverage option” like a $1 million lifetime limit. With long-term care insurance, you pay premiums you know you can budget for, and the policy pays, up to its coverage limits, for the care you need when you need it. Typically, premiums are waived during the time you are receiving benefits.

Private long term care insurance is increasing because many individuals do not want to rely on their family memebers to take care of them and the premiums may be eligible for an income tax deduction.

Ask us which policy you qualify for;
TQ Tax Qualified
NTQ Non-tax Qualified