By the the year mid two thousand almost ten million men and women had to use health care that was long term. This number will continue to rise so that by the year 2020 the number will more than double. These statistics show thinking about long term care insurance seems very smart.
What is the process of needing care long term? Long term care is when a person cannot not perform two such things as washing themselves or cooking meals. There are many different forms of this care and every individual has their own circumstances. However, long term care can have many components to it.
Usually a person is eligible for care for the long term if they need a home care giver in their home to help them manage day to day life. If one needs to be assisted living because in their own home is not enough. If one needs aid because of cancer and needs hospice service or if they must live in a Alzheimer facility. Of course the money to cover these needs must come from somewhere and since one out of four people end up in a nursing home it seems that everyone must consider their options.
If care for a long period of time is needed how will you finance it? One idea is to purchase a policy that cares for you for longer periods of time. This type of insurance has two types either taxable or nontaxable.
Insurance that allows you to write off the care needed long term under the line item of medical is one such policy. There are certain requirements to utilize this policy. One must need someone to help them with at least two duties such as getting dressed, making meals, or moving about. For at least ninety days. A doctor must provide plan of care. Tax wise it is treated like health insurance and you can deduct it as a medical expense. The younger you are the less the allowed deduction. This policy does not tax any benefits.
The taxable plan is not as common as there is a higher premium price and this policy must be initiated by a doctor. It does allow one to include the fact that walking is not possible as a daily routine. Yet, all the benefits are able to be taxed and that can cause great expenditures for the insured.
When purchasing a policy the insurer will take several factors into determining the price. The age you buy the policy is the first indicator. How the policy is paid out on a daily or monthly benefit, if there is a time period where the policy can be stopped, cost of living increases, and of course how healthy the purchaser is. Once a policy is written the company cannot change wording to what the policy says and cannot cancel unless the purchaser does not pay the premiums. Consider buying two policies for you and your spouse to receive a discount.
While everyone expects good health and long life often times this not the case, so be sure to at least have a safeguard in place. To protect yourself with long term care insurance means that you will not have to be concerned with what might happen.
What is the process of needing care long term? Long term care is when a person cannot not perform two such things as washing themselves or cooking meals. There are many different forms of this care and every individual has their own circumstances. However, long term care can have many components to it.
Usually a person is eligible for care for the long term if they need a home care giver in their home to help them manage day to day life. If one needs to be assisted living because in their own home is not enough. If one needs aid because of cancer and needs hospice service or if they must live in a Alzheimer facility. Of course the money to cover these needs must come from somewhere and since one out of four people end up in a nursing home it seems that everyone must consider their options.
If care for a long period of time is needed how will you finance it? One idea is to purchase a policy that cares for you for longer periods of time. This type of insurance has two types either taxable or nontaxable.
Insurance that allows you to write off the care needed long term under the line item of medical is one such policy. There are certain requirements to utilize this policy. One must need someone to help them with at least two duties such as getting dressed, making meals, or moving about. For at least ninety days. A doctor must provide plan of care. Tax wise it is treated like health insurance and you can deduct it as a medical expense. The younger you are the less the allowed deduction. This policy does not tax any benefits.
The taxable plan is not as common as there is a higher premium price and this policy must be initiated by a doctor. It does allow one to include the fact that walking is not possible as a daily routine. Yet, all the benefits are able to be taxed and that can cause great expenditures for the insured.
When purchasing a policy the insurer will take several factors into determining the price. The age you buy the policy is the first indicator. How the policy is paid out on a daily or monthly benefit, if there is a time period where the policy can be stopped, cost of living increases, and of course how healthy the purchaser is. Once a policy is written the company cannot change wording to what the policy says and cannot cancel unless the purchaser does not pay the premiums. Consider buying two policies for you and your spouse to receive a discount.
While everyone expects good health and long life often times this not the case, so be sure to at least have a safeguard in place. To protect yourself with long term care insurance means that you will not have to be concerned with what might happen.
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Before you go out and buy a policy go to long term care insurance. We represent 20 of the top LTCi providers. This gives you tremendous options.
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