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Pros and Cons of Long-Term Care
Author David Schneider | Nov 15,2007
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Long-term care occurs when you need assistance with normal daily activities, such as getting out of bed, bathing, changing clothes and taking medications. There are different types of services offering long-term care. Long-term care can be at home, in a nursing facility and a variety of assisted living facilities or continuing care communities. Medicare will not typically cover these services.
People of any age may be in need of long-term care. Patients suffering from a physically debilitating illness or disability can facilitate the requirement for long-term care. Those with illnesses that effect memory and mental health also require long-term care.
Financial Protection Under Insurance for Long-Term Care
Long-term care is incredibly expensive. Purchasing insurance care can spare you from serious financial burden. For many, insurance coverage for long-term care is a way to guarantee services and avoid going into debt. It also protects family members from shouldering the financial weight on your behalf.
Know Before You Need Long-Term Care
In order to get the lowest rates for long-term care, you must purchase a policy long before it’s actually needed. Young, healthy individuals qualify for the best rates. Older individuals, or those with an existing illness are subject to more expensive premiums for long-term care.
Long-Term Care and Pre-Existing Conditions
Those with pre-existing conditions may bear the brunt of coverage exclusions. If you apply for long-term care with a pre-existing health condition, the insurance company can delay coverage for that condition. The waiting period for receiving benefits for pre-existing conditions is usually six months.
The Variance of Long-Term Care Insurance Policies
There are a variety of different insurance policies for long-term care. You have a choice to purchase coverage for one service, or a combination of services. Costs differ, depending on your health, age, geographic location and the level or coverage you want.
The downside to these private insurance policies is that most will not fully cover the cost for long-term care. Many long-term care policies are equipped with an inflation tool to protect against rising health care costs. However, neglecting to purchase coverage for a needed service can result in additional expenses. There are also inherent limitations to the coverage you receive for services.
Tax Deductions for Long-Term Care Insurance Policies
If you purchase a “tax-qualified” insurance policy for long-term care, you may be eligible for a tax break. If you don’t mind itemizing, a portion of the insurance premiums can qualify for a medical tax deduction. Age determines your eligibility.
Renewable Long-Term Care Policies
Most policies allow you to renew under any circumstances. So long as you pay the premiums on time and haven’t withheld health information, you will never be denied coverage. However, be aware that premiums for long-term can change, specifically if you are part of a group policy.
You May Never Need Long-Term Care
A non-forfeiture benefit must be added to a long-term care policy in order to be reimbursed if the coverage is never used. Under these circumstances, non-forfeiture benefits reimburse a percentage of paid premiums. Inquire about cost for non-forfeiture before you buy.
Long-term care insurance can be purchased through a variety of different sources. If you already have an idea for the type of services you’re looking for, comparison shop online for the quickest way to a good quote. Another way to save money is by signing up for a group rate. Check with your employer or professional association for details.
Long-term care occurs when you need assistance with normal daily activities, such as getting out of bed, bathing, changing clothes and taking medications. There are different types of services offering long-term care. Long-term care can be at home, in a nursing facility and a variety of assisted living facilities or continuing care communities. Medicare will not typically cover these services.
People of any age may be in need of long-term care. Patients suffering from a physically debilitating illness or disability can facilitate the requirement for long-term care. Those with illnesses that effect memory and mental health also require long-term care.
Financial Protection Under Insurance for Long-Term Care
Long-term care is incredibly expensive. Purchasing insurance care can spare you from serious financial burden. For many, insurance coverage for long-term care is a way to guarantee services and avoid going into debt. It also protects family members from shouldering the financial weight on your behalf.
Know Before You Need Long-Term Care
In order to get the lowest rates for long-term care, you must purchase a policy long before it’s actually needed. Young, healthy individuals qualify for the best rates. Older individuals, or those with an existing illness are subject to more expensive premiums for long-term care.
Long-Term Care and Pre-Existing Conditions
Those with pre-existing conditions may bear the brunt of coverage exclusions. If you apply for long-term care with a pre-existing health condition, the insurance company can delay coverage for that condition. The waiting period for receiving benefits for pre-existing conditions is usually six months.
The Variance of Long-Term Care Insurance Policies
There are a variety of different insurance policies for long-term care. You have a choice to purchase coverage for one service, or a combination of services. Costs differ, depending on your health, age, geographic location and the level or coverage you want.
The downside to these private insurance policies is that most will not fully cover the cost for long-term care. Many long-term care policies are equipped with an inflation tool to protect against rising health care costs. However, neglecting to purchase coverage for a needed service can result in additional expenses. There are also inherent limitations to the coverage you receive for services.
Tax Deductions for Long-Term Care Insurance Policies
If you purchase a “tax-qualified” insurance policy for long-term care, you may be eligible for a tax break. If you don’t mind itemizing, a portion of the insurance premiums can qualify for a medical tax deduction. Age determines your eligibility.
Renewable Long-Term Care Policies
Most policies allow you to renew under any circumstances. So long as you pay the premiums on time and haven’t withheld health information, you will never be denied coverage. However, be aware that premiums for long-term can change, specifically if you are part of a group policy.
You May Never Need Long-Term Care
A non-forfeiture benefit must be added to a long-term care policy in order to be reimbursed if the coverage is never used. Under these circumstances, non-forfeiture benefits reimburse a percentage of paid premiums. Inquire about cost for non-forfeiture before you buy.
Long-term care insurance can be purchased through a variety of different sources. If you already have an idea for the type of services you’re looking for, comparison shop online for the quickest way to a good quote. Another way to save money is by signing up for a group rate. Check with your employer or professional association for details. |
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