Long Term Care Insurance
WHAT IS LONG TERM CARE INSURANCE?
Long term care insurance is a type of insurance that is available for people to privately pay for. It is not health insurance, but instead helps with the cost of long term care that is required what a person can no longer perform the Activities of Daily Living (ADLs).
WHAT TYPE OF CARE DOES LONG TERM CARE INSURANCE PAY FOR?
Long term care insurance will typically cover the cost for in-home care, assisted living, adult day care services, skilled nursing or nursing home stays, hospice care, respite care and memory care for Alzheimer’s and Dementia.
WHAT ARE THE BENEFITS OF HAVING LONG-TERM CARE INSURANCE?
As previously states, long term care insurance will help with the out of pocket expenses accrued while at any of the care facilities listed above. Another advantage of long term care insurance is that it will help cover the cost for in-home care around the clock for seven days a week.
IS LONG TERM CARE INSURANCE TAX DEDUCTIBLE?
Long term care insurance is technically a medical expense. Because medical expenses are tax deductible, for people that itemize their expenses and deductions, long term care insurance would be tax deductible. The amount of your deductible will increase as you age and changes year-to-year to adjust for inflation.
WHEN CAN YOU START USING YOUR LONG TERM CARE INSURANCE?
If you have long term care insurance, you can begin to use your coverage when you can no longer perform the Activities of Daily Living (ADLs) such as bathing, dressing, eating etc. Depending on the provider, deductibles and waiting periods will affect the amount of time you need to wait to start using your coverage after you begin paying for the coverage.
WHERE CAN I GET LONG TERM CARE INSURANCE?
Sometimes employers will offer long term care insurance in their benefits package. If this is not the case with you employer, there are a variety of different private companies that you can purchase from. Simply searching on the internet for “long term care insurance,” you will find a variety of companies that you can purchase long term care insurance from.
HOW DO I FIND AN ASSISTED LIVING COMMUNITY THAT ACCEPTS LONG TERM CARE INSURANCE?
Call your local SeniorLiving.Net Care Advisor at (866) 510-9738 to find an assisted living community that accepts long-term care insurance. SeniorLiving.Net’s Care Advisors have information on thousands of assisted living communities across the country. Your Care Advisor will discuss the level of care you are looking for, the services and amenities that are important to you as well as your monthly budget to send you a list of senior living communities that are perfect for you and your family. All of this is at no cost to you!