1. Protect Your Assets and Retirement - The average cost of a
nursing home care in 2010 is $75,190 for a private room. Home Health Care
services can cost as much as $19 per hour (1.). Long-term care insurance can
protect these assets by covering these high costs. Don't let all of your hard
earned money go to long-term care services, LTC Insurance can help!
2. Preserve Your Independence - Most long-term care insurance
policies today allow you to have choice and remain independent as long as
possible, with allowing you to receive care in your home or a community setting,
instead of immediately entering a nursing home.
3. Avoid being a Burden on Others - Most long-term care today is
provided by a family member or loved one. With most long-term care insurance
policies you have the option to pay for home health care aide or homemaker to
come into your home and provide your care. Instead of being a burden to a loved
one.
4. Avoid going on Medicaid - To qualify for Medicaid you would
have to be in a low income bracket, deplete all of your assets on long-term care
services, or spend down all your assets unless you choose a long-term care insurance partnership policy.
5. Tax Advantages - Many states offer a tax deduction or special
tax credit for purchasing long-term care insurance. In addition, Tax-Qualified
policies allow your premiums to be added to your other medical expense
deductibles, and then deducted from the amount which is more than 7.5 percent of
the adjusted gross income on the federal income tax return.
6. Medicare Won't Pay Fully - You should not rely on Medicare to
pay for all of your long-term care needs. Medicare strictly provides skilled
care for a short period of time and most LTC is not skilled care, nor is it
short term.
7. If you have a family history of a
chronic disease or longevity it is a good idea to purchase
long-term care insurance.
8. If your age and health permit, purchase long-term care
insurance. Typically, as you get older health problems occur and you may be
uninsurable. Therefore it is a good idea to buy long-term care insurance before
it is too late.
9. Your gender - women
are more likely to need long-term care services than men, 75% of women are
nursing home residents.
10. Health insurance won't cove long-term care costs.
1.
http://www.genworth.com/content/products/long_term_care/long_term_care/cost_of_care.html?WT.svl=YMABIIMAP&mlink=YMABIIMAP
I think it is a known fact that even though some long term products may seem pretty expensive from the very first sight, but once buying it you understand that you’ve made a right decision, since after a simply math it gets clear that you saved some money. Same thing with long-term insurance. I was out of cash, but my friend persuaded me to purchase one. So I turned to cash advance store where they managed to give me $200 loan fast (as this is exactly the amount I was short on) and bought the insurance. What can I say…I do not regret. I feel more confident now.
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