When is Long Term Care Insurance Needed?
Long term care insurance is for people who need long term medical care. It helps cover daily costs if you need at home care, long term hospitalization or must live in a nursing home. Many workplaces now offer long term care insurance as part of their benefits package. If an illness keeps you from working and you require long term care, then you will benefit from this insurance.
General coverage includes care not covered by Medicare, health insurance, or Medicaid – up to a specific amount. Benefits pay for extended hospital stays, hospice care, nursing homes, adult daycare, and other long term care facilities and services.
The benefit is that long term care insurance is there to help when traditional insurance is not. Medical costs are staggering, and most people are unable to get the care they need. With this insurance, the policyholder can get the care they need without going bankrupt or relying on relatives for money. Paying premiums shouldn’t pose a problem either. The premiums can be deducted from income taxes, and benefit payments may possibly be excluded from taxable income.
You should have long term care insurance before you need it. If you are already ill and receiving long term care, it’s likely you will not be able to get a policy. When you have a policy, and become in need of long term medical care, the insurance will pay some of your expenses. This insurance is for the policyholder, but some policies also cover dependents such as children younger than 26 years of age and elderly parents.
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