Longterm Care Insurance - What Optional Extras Are Available?  

Longterm Care Insurance - What Optional Extras Are Available?

Longterm care insurance is an option that an increasing number of Americans are using to secure their future care. Most of us will eventually require long term care of some kind, and prices are rising rapidly. Many people are worried about whether or not their savings will be enough to cover the long term care they require. Fortunately, there are options on long term care insurance plans that will fit just about anyone's needs. Most long term care insurance policies pay a preset amount of an individual's long term care costs, should that individual be certified as chronically ill by a health care practitioner. While all long term care insurance plans will pay for a nursing home stay, you may have to purchase coverage of at home care or assisted living facility care as an additional option.

Other options that you can have applied to your long term insurance plan are lifetime coverage, inflation riders, deductibles for certain periods of time, and tax qualifications. Lifetime coverage is usually a little more expensive than term coverage, but it means that you will not have to worry about whether your insurance coverage will run out while you still need long term care. Inflation riders make sure that your coverage will match the rising cost of medical and care services, meaning that you won't have to worry about paying out of pocket. Since even a 3% inflation rate will halve the value of your dollar over 25 years, this is an important option to add to your long term insurance policy. A deductible means that you will pay out of pocket for your care during the time specified. A very common kind of deductible is for ninety days. For the first ninety days of any long term care stay, the policyholder is responsible for his or her own care fees. After that, the insurance benefit kicks in and begins to pay for the care. Tax qualified plans allow you to claim all or part of your premiums for long term care insurance as a deductible on your tax return. This can be an excellent way to recoup some of your costs.

When you look for long term care insurance plans, there are many options. Because this kind of insurance has not yet been standardized, the plans will all vary by kind and by company. This means that it is important to read the fine print and talk to your insurance agent about all of your choices. When it comes to long term care insurance, you want to be sure that you're making the right choice to protect your future. Looking carefully and choosing the right options are part of being able to do so. Long term care insurance is the only way that some people will be able to pay for their eventual medical and care needs. Shopping for it intelligently will enable us to afford the premiums without adjusting our quality of life.



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