Reasons to Get Long Term Care Insurance Most people do not ever think of long term care or of long term care insurance until they are in need of it. People think that they are not in need of this type of insurance. And there are those who feel that it is impossible for them to need that kind of insurance. But, according to research, there are a lot of people reaching the age of 65 that need long term care. Despite this, there are still some who have become convinced of purchasing long term care insurance to cover their needs when they grow old. But these people are actually in the minority. Below are some of the benefits of purchasing long term care insurance, and if you have not been convinced until now, take time to consider the things given below. Long term care insurance can actually protect your assets. The elderly sometimes lose their homes and property because they need to stay in a nursing home. If you have long term care insurance, you could prevent having your home being up for sale so that you can pass it on to your heirs.
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You don’t have to be forced to stay in a nursing home if you have long term care insurance. Today, assisted living, home care, and respite care expenses are not being covered by insurance policies. You can be spared from staying in a nursing home if you have long term care insurance.
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It is possible to have more choices when it comes to long term care, only if you have long term care insurance. Relying on Medicare or Medicaid limits your 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. Long term care helps remove the care burden from your family. Since your family don’t have to be the ones to give you round the clock care, their lives will no longer be disrupted. Purchasing long term care insurance can make you eligible for tax deductions. If your premium exceeds 7 percent of the adjusted gross income, then you can deduct it from your tax. There is no tax imposed on benefits received from your insurance. 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. Your policy can be adjusted depending on your budget and needs. You can choose the maximum number of years for which care will be covered. Couples who purchase a policy together are usually given a lower rate by insurance companies. Check with your insurance company to see if they offer such a discount.