Long term care insurance (LTCI or LTC) is an insurance product that is sold in Canada, United Kingdom and United States. This offers the cost of long term care that goes further than a pre determined period.
Generally it offers cover that is not provided by Medicaid, Medicare or health insurance.
Persons who need this are usually not sick in the traditional sense but they are no able to perform some of the basic daily activities like eating, bathing, dressing, toileting, walking, continence and getting in and out of a chair or bed.
Age is usually not one of the determining factors when it comes to long term health care insurance. Almost 40% of those who need long term care fall between the ages of 18- 64.
Around 60% of persons who are over 65 years will require some form of long term care service. It is however important to note that the long term care insurance may not be available when there is a change in health. Early onset of Parkinson's and Alzheimer's although rare can occur to individuals who are not yet 65.
There are numerous benefits of long term care insurance as it covers a number of things such as adult daycare, home care, respite care, assisted living, nursing home, Alzheimer's facilities and hospice care.
Should you decide to buy home care coverage; the insurance can cover the costs of home care from the first day that it is required. It will also pay for a live in or visiting companion, caregiver, therapist, housekeeper or a private nurse 24/7.
With this kind of insurance, you will also not have to rely on family members or children which can be quite draining financially.
It is important to get all the details you can on the long term health insurance quote you wish to settle on to know exactly how much will be paid. Premiums paid on the long term care insurance can be eligible for tax deduction.
This implies that the benefits paid from this contract will be excluded from income. The amount that will be deducted depends on an individual's age.
Premiums on business deductions are also determined by the kind of business being run. Corporations paying the premiums for their employees are a hundred percent deductible when they are not included in the members' taxable income.
Generally there are two types of polices offered under long term care insurance including;
Non tax qualified- this includes a medical necessity trigger implying that a doctor can state the care needs of a patient and the insurance policy will cover the costs. This includes walking as part of the daily activities.
Tax qualified- these are the most popular polices offered. They normally require an individual to need care for 90 days and cannot be able to perform at least two activities of the daily living because of cognitive impairment. Benefits from this policy are non taxable.
It helps to work with a provider who is part of long term insurance association as they will most likely offer great services under the regulations of the industry.
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