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Long-Term Care Insurance And You
By Jillian Leigh Published: 09/12/2009
Long term care insurance is insurance which supplies for in-home care of the patient. This would be added to the patient's current health insurance plan, or it is provided thru Medicare plans. It is a plan which needs to be purchased separately from services for health coverage such as doctor's appointments or hospital stays.
The services that long term care insurance covers are services for the elderly or patients who require help with daily living activities at home like quadriplegics. Daily living activities include dressing, meal preparation, showering, or driving to appointments. This service would pay for somebody like a caregiver to come into the home to help with these needs. It is beneficial for folks whose close family members aren't in a position to absolutely provide these duties.
The population which has used this insurance most frequently is the old and younger people who can't function on their own. This could also include services for respite care which could comprise caring for kids with incapacities or younger adults who have been seriously wounded. Many aged patients may have cognitive defects like Parkinson's disease or Alzheimer's where their communicative and memory capabilities are lacking.
Except for in-home care, long-term medical care insurance may pay for entrance to facilities. These would include nursing home care, controlled living facilities, or adult daycares.
There are many benefits to purchasing long term care insurance. Buying a plan significantly decreases the price of getting caregiving services if no long term care insurance plan was in place . These services can be awfully dear and having the insurer pay for a caregiver saves a large sum of money. For example, if a patient has Medicare the services are practically no cost to the patient.
Second, buying these plans are absolutely tax deductible, and if a business is a paying the premiums for the service, it's also 100 percent deductible.
The most typical type of policies available are tax-qualified policies. To qualify for these policies, a person must employ the services for a minimum of 90 days. Also, the patient must need help in at least two areas of aided daily living ( ADL's ) such as eating, meal preparation, dressing, showering, walking, transferring from a bed to chair, continence, for example. A physician must write the orders for a care plan for the patient. This is a tax-qualified policy,the premiums are non-taxed.
There are many factors which identify long term care insurance rates. They include the age of the patient, the daily benefit of the plan, how long the benefits will pay, and the patient's health rating ( preferred or standard ). Most insurance companies will give married couple's discounts on individual policies. Some companies also define "couples" not only to spouses, but to 2 people who meet criteria of living together in a relationship sharing basic living costs.
There are many folks who need extra care at home, and these policies provide a substantial quantity of security for people that can't look after themselves. At the same time, they relieve an enormous money burden if no policy were in place.