Benefits of Long Term Care Insurance

By Compuquotes Team on March 27th, 2008
Long Term Care

There are many benefits to long term care insurance that are simply not covered by national programs such as Medicaid. Medicaid and the like do not cover long term care to be provided at home or in a private setting. Likewise, most often Medicaid will not pay for assisted living, either, unless you have a low income or limited resources and need the care of a nursing home but can still stay at home if you have community care services. For most people who need long term care, the preference is to stay at home or to be in a private room in an assisted living facility.

When you purchase long term care insurance, it is valid most often from the very first day you need long term care. Your long term care insurance will pay for:
A live in care giver
Private duty nurse

This coverage is available for 24 hours a day, seven days a week. Long term care insurance will also cover:
Adult daycare
Assisted living
Hospice care
Respite care
And much more.

Long term care insurance can also help by paying the expenses for caring for a person who has Alzheimer's disease or dementia. Most often, especially in the earlier stages of dementia and Alzheimer's disease, the person is cared for at home by relatives, often their spouse and children. It can be quite difficult to care for a person who has dementia - respite care offers related care givers an opportunity for respite away from the home. In most cases, you can see this as a ´┐Żbabysitter' so that you can go to the store, go out for dinner with friends, and just take the load off of yourself for a while.

Many people who are older, and may require long term care in the future, are uncomfortable relying on family members, spouses, children, siblings, etc., for support. Long term care insurance can help to cover the out of pocket expenses should you need long term care, or assisted living in any form. Without long term care insurance, the costs of long term care or assisted living could rapidly deplete any savings that the individual may have, as well of that of their family.

Premiums that are paid on long term care insurance products are often eligible for a tax deduction on your income tax. The amount of the deduction is based on the age of the person who is covered. Any of the benefits that are paid from a long-term care insurance contract are, in most cases, excluded from being taxed as a source of income.

For businesses who offer long term care insurance to their employees - there may be a tax break as well. If the company pays 100 per cent of the premiums for the employee and the employee does not pay any of it in their taxable income, they are 100 per cent deductible for the company on taxes.

There are many benefits to having long term care insurance - you just never know when you may need to have in-home care, assisted living, or require full service long term care.

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