Long term care insurance is intended to help people who suffer from permanent or long term disabilities, chronic illness, or other health conditions. This type of insurance coverage can provide benefits that make it possible to afford specialized assistance and skilled care from medical professionals. Finding long term care insurance for these needs can be difficult at best. Health coverage offered by employers does not cover day-to-day extended care. Medicare will only cover limited at-home care or a brief stay in a nursing home. Many people under these circumstances will purchase long-term care insurance to help pay for their anticipated medical-related costs.
Thankfully, one can shop for and purchase long term care insurance on the web. When comparing insurance products, it is easy to become overwhelmed and confused. To help you choose the insurance coverage that is best for you, it may be helpful to use the following guidelines:
- Long term care insurance premium cost. The initial cost may increase over time and so this needs to be taken into consideration. Weigh this against your anticipated future income sources.
- Your present and anticipated amount of income versus
cost of living and other expenses. Insurance premiums can take a big bite out of one’s monthly budget. Though your income level may lower, your insurance premium may rise. Plan for the future when you compare one long term care insurance policy to another. - Tax
considerations . Long term care insurance benefits are usually not taxed as income. Medical costs can be included as itemized tax deductions under certain conditions. However, tax laws are subject to change which underscores the importance of consulting a tax professional. - Work with an informed long term care insurance agent when selecting a policy. Before committing to working with them or selecting a policy, you can consult your state’s insurance agency to confirm whether or not the agent for the private insurance broker is licensed to sell insurance products in your state
. Employer offered long term care insurance coverage. If you are currently employed, check with your employer to learn if they offer long term care insurance coverage options. If it’s available, it may qualify as a group rate and be cheaper than coverage that you pay for independently of your employer. In addition, you may not have to meet certain criteria in order to meet eligibility requirements. Be sure to confirm that you can continue with the coverage if you leave the company for any reason.
Preexisting Conditions and Long Term Care Insurance
Standard medical insurance does not pre-screen an applicant’s current or past health issues and so preexisting conditions are not an issue. However, long term care insurance is different. Carriers will consider an applicant’s medical records and will usually interview the person to ask medical related questions. It’s important to be honest about your medical history and current conditions when shopping for coverage. You may still be able to get coverage but there may restricted terms or other conditions. Compare restrictions from one insurance carrier policy to the next.