Understanding the Advantages of Long Term Care Insurance
Understanding the Advantages of Long Term Care Insurance
Only few individuals prepare for their senior life, while most overlook the possibility of acquiring illnesses or disability that could hamper them from living life independently. Long term care can happen anytime, but proper planning prepares you to the real battle. The risks associated with LTC is more serious than emotional woe, above all, it is a financial adversity.
As you value the life of your elderly parent, spouse, siblings, and other loved ones, you should understand that they need greater level of care for their condition, and this requirement entails bigger responsibility on your part. Long term care provides personal care, which refers to activities of daily living or ADLs, while skilled care typically includes therapy, wound care, and other activities that require professional help. These services are available and limited to various settings in your home, in an assisted living facility, in a nursing home, or in adult day care. Unfortunately, most of these institutional care services, particularly nursing home care, are so expensive. Consider that average nursing home stay is two years and the average cost in 2010 was $80,000/ year, then that could equate to $160,000 for two years. Imagine that price could almost drain your retirement savings.
Unfortunately, most individuals are compelled to pay those expenses on their own because their life or health insurance does not cover LTC services and Medicaid requires them to spend down their assets to qualify for benefits. Otherwise, many families bear the brunt of paying for their loved one's care, even if it means selling their properties and stocks. Many of them wait until their assets meet the required Medicaid asset limit for the hope that they would receive enough coverage for their health, but, sadly, they only receive short term help in a nursing home.
Many Americans lack knowledge on long term care insurance information, the reason why they come to think of other alternatives when financing their care. Many of them remorse ending up impoverished, this is because they chose not to plan for their care and take risks.
LTCi is offered by various private insurance companies in United States. This covers both personal and skilled care to cater to the changing needs and health requirements of policyholders. From simple activities such as bathing, dressing, and etc., your LTCi policy ensures you'll be getting considerate coverage to help you live normally and independently. Moreover, higher degree of nursing care can be also covered in your LTCi policy to help mitigate health problems, particularly degenerative disorders like Alzheimer's or dementia.
Most of LTCi policies are tailor fit according to the policyholder's requirements. Its four main featuresthe benefit period, benefit amount, elimination period, and inflation protectioncan be customized to reduce the premiums and guarantee sufficient coverage. Make sure to ask for long term care insurance quotes to compare various providers and coverage.
Along with the benefits this insurance provides, the Congress has passed a bill that allows policy benefits to be itemized as medical expenses or deductions. The Internal Revenue Service allows policyholders to have some deductions when they meet more than 7.5 % of the adjusted gross income or AGI. Many of policies sold today are tax qualified, meaning they have certain tax advantages. How many life insurance policies can I have? Choosing Long Term Care Insurance Policies and Company Long Term Care Insurance For Less How To Live An Extraordinary Life And Accomplish All Your Dreams Summary of Federal Lobbyists and Life values Rules Living Life to the Fullest with a Health insurance Casualty Life Insurance coverage - Peace of Thoughts Will Come With It Burnout And Work Life Balance Automotive SEO tips part one - Choose your domain name carefully Life Insurance Plans & Policies Casualty Life Insurance coverage - Peace of Brain Will Come With It Insurance in India- Health & Life Insurance Thoughts of Brusletto Maskin on life and its challenges