Is long term care insurance something you need to consider? Well, almost ten million individuals needed detailed care for the long term. That number is destined to grow as the baby boomers begin to age.
The numbers signify that you should know what health care for the long term is and if you need to be concerned about the costs. Long term care in required when one can no longer carry out two daily duties alone. A doctor will determine the need for help and put a plan into action.
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.
The determinants of how a policy is priced are how old you are, the amount you need monthly or daily, the way you are paid, if you stop the policy, changes in the worlds financial market, and how healthy you might be. The insurance company that sells the policy cannot make indiscriminate changes to the way the policy is written and it can never be canceled unless payment is not forthcoming. If you purchase two policies as a couple there is usually a savings.
The thought of being in a predicament where you need long term care insurance is daunting. Yet, the peace of mind of knowing you have protected yourself is powerful and strong motivation to be proactive.
The numbers signify that you should know what health care for the long term is and if you need to be concerned about the costs. Long term care in required when one can no longer carry out two daily duties alone. A doctor will determine the need for help and put a plan into action.
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.
The determinants of how a policy is priced are how old you are, the amount you need monthly or daily, the way you are paid, if you stop the policy, changes in the worlds financial market, and how healthy you might be. The insurance company that sells the policy cannot make indiscriminate changes to the way the policy is written and it can never be canceled unless payment is not forthcoming. If you purchase two policies as a couple there is usually a savings.
The thought of being in a predicament where you need long term care insurance is daunting. Yet, the peace of mind of knowing you have protected yourself is powerful and strong motivation to be proactive.
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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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