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A Beginner's Guide to Long Term Care

Long term care insurance describes insurance policies that are designed to help cover the cost of supervision or care over the course of a long term illness or disability. Long term care insurance also covers illnesses or disabilities that are simply due to the process of aging. This type of health insurance is not cheap, however it can be an invaluable asset when it comes to protecting your well-being and financial security later in life. However one perk is that long term care insurance is a tax deduction in the United States. Not only are long term care insurance premiums deductible, but any eventual benefits you receive are tax-free too.

Long-term care insurance can be important because standard health policies such as medigap and Medicare just don't cover extensive periods of illness. These policies also don't cover special needs or the requirements of those who may need flexible care. Although Medicare will sometimes cover long-term care, you generally don't qualify for coverage unless you have absolutely no savings or assets at all.

The cost of buying long term care insurance varies greatly from company to company and premiums can cost as little as $250 a year to $6000 or more. The cost of the premium depends on many factors including your age, your health, the extent of your coverage and the age at which you first purchased your coverage. The best long term care insurance policies maintain your payment at the cost of your original premium for as long as you continue the coverage.

It is to your advantage to buy long term coverage earlier in life than later. The cost of coverage at age 65 years of age is about three times as much as the same coverage at 50 years. Buying long term care insurance if you're already ill can be almost impossible. So if you know that long term care might be in your future, it's wise to start shopping around for a policy as early in life as possible. A good health insurance agent can help older applicants find a policy that is tailored to their needs and saves them money.

The character of a long term care insurance can change according to your needs, your budgets and what the company is willing to offer you in terms of coverage. However most policies tend to cover the insured for residential assistance, round-the-clock care, visits by skilled medical workers, rehabilitative care, nursing home visits and care in a hospice.

To make sure that you get the best long term care insurance possible make sure you do your research, take the time to compare policies and then follow through on your intentions. Also try to have some patience when it comes to understanding long term policies. If you feel that the information is "above your head" many long term care insurance companies, government agents and advocacy groups publish information about the subject on the Internet.


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