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About Long Term Care Insurance

Long term care insurance (LTC or LTCI) is an insurance cover provided to people who are disable and chronically ill and constantly require someone to help them in their day to day work such as bathing, dressing, eating and walking. It is asset of social, medical or nursing and community services who help to meet the medical and non-medical needs of the above individuals. It can be provided to anybody and can be performed anywhere from nursing home to individuals home.

How does this insurance work?

There are three more elements which have big impact on the premium apart from the person’s age and health; those are daily benefit amount, length of coverage and the level of inflation protection. When you decide how much coverage you need see how much family support you will get. The coverage period ranges from two to six years.

Benefits provided by long term care insurance:

  • It generally covers home care, adult daycare.
  • Provides tax-free monthly benefits in case individuals’ losses liberty to mental or physical illness.
  • Benefits which are non-taxable can be utilized whenever desired.
  • You can decide the benefit amount, payment and elimination period.
  • It enhances cost of living.

The types of policies offered are:

  • Tax qualified policies, in this policy the person is expected to require care for at least ninety days and is unable to perform the 2 or more daily activities; require care for 90 days and needs substantial assistance due to severe impairment.
  • Non- tax qualified policy is a medical necessity; here the doctor knows someone from the insurance company and can state that the person requires medical care.

Cost of long term care insurance

  • The cost varies according to the age of the person and when you are buying the policy.
  • The maximum amount the policy will pay per day.
  • Maximum number of years the policy will pay.
  • Optionalbenefits you choose such as benefits that increase inflation.

There are also some risks like the cost can go higher beyond your expectations, insurers cannot raise the rates on individual but can do so on a defined group of policyholders if they get state approval.

The policy is easy to buy; you can go online and fill in the simple form on the website from which you choose to buy a policy and get the quotes immediately and also you can call on the numbers given and get assistance further.

Before you buy a policy make sure you read all the related documents and buy insurance from an authorized insurance company only and also be aware that insurance companies raise the premium on your policy. It is good to request information on the company’s rate premium history.