Long term care insurance is insurance which provides for in-home care of the patient. This would be added to the patient’s current health insurance plan, or it is provided thru Medicare plans. It is a plan which must be purchased separately from services for health coverage like doctor’s appointments or infirmary stays.
The services that long term care insurance covers are services for the aged or patients who need help with daily living activities at home like quadriplegics. Daily living activities include dressing, meal preparation, washing, or driving to appointments. This service would pay for someone like a carer to come into the home to assist with these desires. It is helpful for folk whose close relations aren’t able to fully provide these needs.
The population which has used this insurance most frequently is the aged and younger folk who cannot function on their own. This may also include services for respite care which could entail caring for children with disabilities or younger adults who have been seriously injured. Many elderly patients could have cognitive disorders like Parkinson’s illness or Alzheimer’s where their communicative and memory abilities are lacking.
Except for in-home care, long-term medical insurance may pay for entry to facilities. These would include care home care, controlled living facilities, or adult daycares.
There are many advantages to buying long term care insurance. Buying a plan significantly reduces the price of obtaining caregiving services if no long term care insurance plan was ready. These services can be extremely expensive and having the insurer pay for a caregiver saves a large sum of money. For example, if a patient has Medicare the services are practically no cost to the patient.
Secondly, buying these plans are absolutely tax deductible, and if a business is a paying the premiums for the service, it is also 100% deductible.
The commonest sort of policies available are tax-qualified policies. In order to qualify for these policies, someone must employ the services for at least 90 days. Also, the patient must need help in at least two areas of assisted daily living ( ADL’s ) such as eating, meal preparation, dressing, showering, walking, transferring from a bed to chair, continence, for example. A physician must write the orders for a care plan for the patient. This is a tax-qualified policy,the premiums are non-taxed.
There are several factors which determine long term care insurance rates. They include the age of the patient, the daily benefit of the plan, how long the advantages will pay, and the patient’s health rating ( preferred or standard ). Most insurance companies will give married couple’s refunds on individual policies. Some corporations also outline “couples” not only to spouses, but to 2 folk who meet standards of living together in a relationship sharing basic living expenses.
There are many folk who want extra care at home, and these policies offer a considerable quantity of security for people that cannot take care of themselves. At the same time, they relieve an enormous financial burden if no policy were in place.
Before you go out and buy a policy come talk to us about long term care insurance. We represent 20 of the top LTCi providers. This gives you tremendous options.