Protect Assets - Long Term Care services in a nursing home care cost as must as $75,000. Home Health Care services can cost as much as $19 a hour (1.). Long TC Insurance can protect these assets by paying these high costs and ultimately you can pass your assets onto your heirs.
Preserve Independence - Comprehensive Long Term Care Insurance policies give you choice and your independence, with allowing you to receive care in your home or assisted living facility, so you don't have to go to a nursing home unless needed.
Avoid being a Burden - As stated in the Caregivers Role section in this website most care provided in the US is provided by a loved one. Long Term Care Insurance can protect you from having to rely on a loved one for care. With long term Insurance, most policies will pay for a home health care aide.
Avoid going on Medicaid - Even if you are not in a low income bracket and say you don't want to deplete all your assets on Long Term Care services you would have to spend down your assets to qualify for Medicaid. See About Medicaid for more information.
Tax Advantages - Many states offer a tax deduction or special tax credit for purchasing Long Term Care Insurance. In addition, Tax-Qualified policies allow your premiums to be added to your other medical expense deductibles, and then deducted from the amount which is more than 7.5 percent of the adjusted gross income on the federal income tax return. See Tax Information for more information.
Medicare Won't Pay Fully - You cannot rely on Medicare to pay for your Long Term Care needs, Medicare strictly provides skilled care, and most LTC is not skilled care. See About Medicare for more information.
Unfortunately not too many people can afford any kind of insurance. Especially when it comes to purchasing a long term care one. Well, of course in order to get the insurance you can go to Ameriloan so that this company could provide you with the required amount of money. But maybe it is better to wait until some good times arrive.ReplyDelete
Tank you for another interesting post
Good Information. I was worried before taking Term Insurance. When i took that policy, Term Insurance gives me coverage of guaranteed number of different years. This post good describes that term insurance are helpful for long term care and we should obtain it for different purpose.ReplyDelete