Medicare And Long-term Care Insurance
If youre new to Medicare you may not know what many that have been on the program
for a while understand, and that is that there are gaps in Medicare coverage. These gaps mean that certain procedures and services will not be paid for by your Medicare policy. And one of the health care services that Medicare does not cover is custodial long-term care.Long-term care is typically for those who are not able to perform basic life functions due to a change in health, which may or may not be age related, and need someone to care for them on a regular basis. For this reason they typically receive custodial care in a nursing home, skilled nursing facility or at their own home.
Medicare does pay limited benefits for home health and for skilled nursing home care during a transitional stay that ultimately leads to the individual returning home, advises Alan Weinstock, insurance broker at http://www.MedicareSupplementPlans.com. Plus there are some Medicare supplement insurance policies that pay for limited skilled nursing home care.
What to Consider When You Buy Long-Term Care Insurance
Just as with any insurance policy, buying long-term care insurance should not be entered into lightly. Be sure to ask questions. Carefully examine and compare policies so you know what you are receiving. Youll want to be sure the policy coverage you choose is sufficient for your needs and that you are not duplicating coverage that you are receiving under Medicare or your Medigap policy.
Youll also want to check that the benefits under the long-term care insurance are appropriate to the nursing home and home care costs in your area. Ask if the plan has some type of inflation protection. As health care costs continue to rise things can get expensive quickly and having a sufficient amount of insurance is important. Obviously this may mean paying a higher premium in order to ensure longer care coverage is available.
Finally, make sure you know what it takes to be eligible to use the insurance. It may mean that you require assistance with at last two or even three daily life activities before the insurance coverage is activated.
What Else You Need to Know Before You Buy Long-Term Care Insurance
One thing that people sometimes neglect to consider, says Weinstock, is that a premium you can afford when youre working may be expensive when youre retired and on a fixed income. His suggestion is to make sure that when you select a long-term care plan, you consider if you will be able to keep up the premiums later on.
An important step toward making long-term care insurance more affordable is that both federal and state governments provide tax subsidies for private long-term care insurance. Tax-qualified long-term care insurance premiums are considered a medical expense. Individuals who itemize tax deductions can deduct medical expenses to the extent that they exceed 7.5% of the individual's adjusted gross income. According to the IRS, the tax deductible limits for 2010 are:
Taxpayers Age at End of Tax Year Deductible Limit
40 or younger $330.00
Over 40 and younger than 50 $620.00
Over 50 and younger than 60 $1,230.00
Over 60 and younger than 70 $3,290.00
Over 70 $4110.00
At the end of the day buying any type of insurance means talking to people who are in the know and can provide you the information you need to make the right decision.
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