Thursday, May 03, 2007
Nursing homes come first in our mind when discussing about long-term care insurance policy. People prefer going for individual health plan, but in reality, long-term care insurance might be the only thing that keeps you away from nursing home. It can pay for your home care, and could really happen. Statistics has proven that once you turn to be 60, one out of you two people would require some type of care at some point of time. Monthly insurance premium for this care could be anywhere from a few hundred dollars to several thousand dollars depending on your desire situation.
Tips
Do ask lot of question to each agency you approach to make sure you are comfortable with their existing services, as it is an important and sensitive role of your life.
Ask about their hiring practices that are offered. Do they believe in thorough background checks on every caregiver?
Find out if they have any arrangements to offer a qualified backup person in case the caregiver is not well or cannot appear for any reason?
Find out the qualifications and necessary licenses of your caregivers.
Understand that when in-home services start, it might take a couple of weeks or so to get the constancy of care, which you want as the caregivers are getting used to your specific needs and wants.
Good reasons to buy long-term insurance
There are some tax reasons as well for getting long-term care insurance. The insurance premiums paid are deductible as a medical expense. There is further an individual health insurance plan known as a health savings account. If a person has a high-deductible health plan, the premium for long-term care insurance policy could be paid through the health savings account also, avoiding income tax and Social Security tax on the premium, decreasing the total cost of insurance drastically.
Talk to a long-term care insurance expert soon. It could mean thousands of dollars residing in your bank account in its place of being used for care or going to the tax man.
1 Comments:
At 7:56 AM, W.Wright said…
The funny thing about long term care insurance is that the price of a policy can vary a lot from one insurance company to the next. I learned that each long term care policy has a different way of charging premium based upon health history, marital status, choice of benefits, and even state of residence. It pays to shop. I found this website very helpful:
http://www.ltcinsuranceshopper.com/
WW
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