Discover the peace of mind that comes with Long-Term Care Insurance.
Protect your savings from the high costs of home care, assisted living, and more. Enjoy potential tax deductions and avoid financial strain. Contact us to find the right coverage for you.
What is Long Term Care Insurance?Long-term care insurance is a type of insurance policy that provides coverage for the costs associated with long-term care services. It is designed to help individuals pay for assistance with activities of daily living (ADLs) or medical services when they are unable to do so independently due to aging, chronic illness, disability, or cognitive impairment.
Long-term care services may include assistance with bathing, dressing, eating, toileting, transferring, and maintaining continence. Additionally, it can cover services provided in various settings such as nursing homes, assisted living facilities, adult day care centers, and in-home care. Having long-term care insurance can help protect your savings and assets from being depleted by the high costs of long-term care. It offers financial security and the ability to choose the level and location of care that suits your needs. It is important to understand the terms, coverage limits, waiting periods, and exclusions of the policy before purchasing long-term care insurance. The Benefits of Long Term Care InsuranceLong-term care insurance generally covers home care, assisted living, adult daycare, respite care, hospice care, nursing home, and Alzheimer's facilities. If home care coverage is purchased, long-term care insurance can pay for home care, often from the first day it is needed. It will pay for a visiting or live-in caregiver, companion, housekeeper, therapist, or private duty nurse up to seven days a week, 24 hours a day (up to the policy benefit maximum). Other benefits of long-term care insurance:
Medicaid provides some of the benefits of long-term care insurance. A welfare program, Medicaid does provide medically necessary services for people with limited resources who need nursing home care but can stay at home with special community care services. However, Medicaid generally does not cover long-term care provided in a home setting or for assisted living. People who need long-term care often prefer care in the home or in a private room in an assisted living facility. Long-term care insurance offers potential tax deductions that can help alleviate financial burdens. Premiums paid on a long-term care insurance product may be eligible for an income tax deduction, with the deduction amount depending on the age of the covered person. Additionally, benefits paid from a long-term care contract are generally excluded from income Contact us to learn more about the right long-term care insurance for you. |
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