Long-Term Care Insurance
What is Long-term Care?
Long-term care is a variety of support and services intended to meet health or personal care needs over an extended period of time. Most long-term care is non-skilled personal care assistance, such as help performing everyday Activities of Daily Living (ADLs), which are:
- Bathing
- Dressing
- Eating
- Maintaining Continence
- Transferring
- Toileting
The goal of long-term care services is to help you maximize your independence and functioning at a time when you are unable to be fully independent.
What is Long-term care insurance?
Long-term care insurance generally covers home care, assisted living, adult daycare, respite care, hospice care, nursing home and Alzheimer's facilities. If home care coverage is purchased, long-term care insurance can pay for home care, often from the first day it is needed. It will pay for a visiting or live-in caregiver, companion, housekeeper, therapist or private duty nurse up to 7 days a week, 24 hours a day (up to the policy benefit maximum).
Other Long-term care insurance benefits include...
- Many individuals may feel uncomfortable relying on their children or family members for support, and find that long-term care insurance could help cover out-of-pocket expenses. Without long-term care insurance, the cost of providing these services may quickly deplete the savings of the individual and/or their family.
- Premiums paid on a long-term care insurance product may be eligible for an income tax deduction. The amount of the deduction depends on the age of the covered person. Benefits paid from a long-term care contract are generally excluded from income.
- Business deductions of premiums are determined by the type of business. Generally, corporations paying premiums for an employee are 100% tax-deductible if they are not included in an employee's taxable income.
At Health Insurance Depot you can...
- Meet face to face with an advisor who can help you make sense of all the available options.
- Get competitive quotes from several trustworthy Long Term Care insurance companies.
- Take comfort in the fact that we work for you and not the insurance companies.
