The number of individuals that are finding the need to have someone aid them in their health care for long periods of time are in the millions. That number is growing every year. So you must ask yourself, should I consider purchasing long term care insurance?
While a doctor will decide if you need the aid of someone to care for you for a long period of time the requirements are simple. If you are not able to perform two daily duties by yourself and need help for an extended period of time you need long term care. Since the number of people eligible for this service is growing each year this could potentially affect you and your life.
This care is defined as home care with a care giver in the home assisting. Living in a place where care giving is available. End of care for cancer patients or full time care of a nursing facility. And also the full time care of an Alzheimer facility. The costs of having this type of care can be astronomical depending on what is necessary for your care. More than a quarter of people will need a nursing home so it might be something to think about when planning your retirement.
Insurance to cover any type of care that is extended is possible. There are two types of this insurance offered. One which cannot be taxed and one where taxing is part of the policy. The non taxable policy is the most commonly purchased and is determined by the need of the individual. The taxable policy has different aspects, is not as easily found and needs a medical doctor to start the policy in motion.
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 other type is able to tax your benefits and has more medical components to its being enforced. A doctor must approve the time for the care and not being able to walk can be included in one of the daily duties. This can also be used for shorter times of needed care. These policies are more expensive and not used as much because benefits can be taxed which can create a large payment on the holder.
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.
While a doctor will decide if you need the aid of someone to care for you for a long period of time the requirements are simple. If you are not able to perform two daily duties by yourself and need help for an extended period of time you need long term care. Since the number of people eligible for this service is growing each year this could potentially affect you and your life.
This care is defined as home care with a care giver in the home assisting. Living in a place where care giving is available. End of care for cancer patients or full time care of a nursing facility. And also the full time care of an Alzheimer facility. The costs of having this type of care can be astronomical depending on what is necessary for your care. More than a quarter of people will need a nursing home so it might be something to think about when planning your retirement.
Insurance to cover any type of care that is extended is possible. There are two types of this insurance offered. One which cannot be taxed and one where taxing is part of the policy. The non taxable policy is the most commonly purchased and is determined by the need of the individual. The taxable policy has different aspects, is not as easily found and needs a medical doctor to start the policy in motion.
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 other type is able to tax your benefits and has more medical components to its being enforced. A doctor must approve the time for the care and not being able to walk can be included in one of the daily duties. This can also be used for shorter times of needed care. These policies are more expensive and not used as much because benefits can be taxed which can create a large payment on the holder.
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 insurance-e-quote for more info on long term care insurance. We represent 20 of the top LTCi providers. This gives you tremendous options.
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