People are living longer and the cost of elder care increases every year. Long-term Care Insurance is a designed to pay some, if not all, of your long-term care needs. It assists with nursing home, community or home health care costs. Some even cover adult day care costs. There are individual plans, organization plans, state partnership plans and even joint plans that can cover both you and your spouse. And while buying a long-term care insurance policy can be expensive, there are steps you can take to meet your needs without emptying your wallet.
Timing:
Age. The younger you are when you purchase your policy, the less expensive it is.
Health. The better your health, the less expensive it is.
Income/ Payments:
Premiums. Policy premiums often increase over time. Make sure you can pay the premiums now and in the future.
Income: People’s income changes over time as well. Fewer assets can make you eligible for Medicaid, but you must first exhaust ALL of your resources in order to qualify.
People:
Support. Be sure you know what level of care your family and friends are willing to provide for you when the time comes for assistance. Be reasonable about your expectations.
Assets:
Planning. An elder law specialist or estate planner can help you weigh the cost versus the benefit of a long-term care policy and advise you how to protect your assets.
Tax Deductions:
Many states offer limited tax deductions or credits for long-term care policy premiums. The amount of federal deduction depends upon your age.
The benefits of a long-term care policy are generally not taxed as income.
To find out if Long-term Care Insurance is right for you, contact our experts at allchoiceinsurance.com. We will be happy to give you responsible options that work for you and give you peace of mind for the future.