Why You Should Get Long Term Care Insurance

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It is only when the need arises that people, especially the younger ones, think about getting long term care insurance.  People think that they are not in need of this type of insurance.  There are people who don’t even think that they will ever need long term care someday.  But, according to research, there are a lot of people reaching the age of 65 that need long term care.

Not everybody thinks that way, though, because there are still some that have seen the need of future long term care and have purchased long term care insurance for themselves.  The people who have purchased long term care insurance are actually in the minority.  In order for you to know why you need to get long term care insurance, here are some of the benefits you get from it, for your consideration.

There is protection for your assets if you get yourself long term care insurance.  The elderly sometimes lose their homes and property because they need to stay in a nursing home.  You don’t have to sell your house just so you could be in a nursing home because if you have long term care insurance, your care will be taken care of and your house can stay and be inherited by your loved ones.

You don’t have to be forced to stay in a nursing home if you have long term care insurance.  The policies of today are now covering assisted living, home care, and respite care expenses.  So if you don’t want to end up in a nursing home, long term care insurance can be beneficial.

Another benefit of having long term care insurance is the many options you have when it come to long term care.  Simply relying of Medicare or Medicaid will only give you limited options.  You may not even be covered depending on your situation.  You have the benefit of choosing your facility and your caregiver with long term care insurance. Click here for facts.

Long term care helps remove the care burden from your family.  Now you don’t have to disrupt the lives of your family and children with round the clock are.

Purchasing long term care insurance can make you eligible for tax deductions.  You can have tax deductions on premiums that exceed 7 percent of your adjusted gross income.

If you receive benefits from your insurance, these are not considered taxable income.  The policies that pay a certain amount per day that exceed the maximum allowable amount are taxed, and this is the main exception to the rule.

Depending on your budget and needs, you policy can be adjusted.  You can choose the maximum number of years for which care will be covered.

A lower rate is given by insurance companies to couples that purchase a policy together.  Check with your insurance company to see if they offer such a discount. Get an estimate here.

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