Many people believe that long-term care insurance is basically nursing home insurance. But it covers a wide variety of health expenses, such as the bills associated with a chronic illness or disability. Moreover, long term health insurance can keep you out of the nursing home, as you reap the convenience of home coverage. Below are a few tips to keep in mind when evaluating long-term care insurance.
Purchase with Spouse
Most long-term care insurance company’s offer discounts to married couples. Expect to save around 30% if you apply with your partner. Also, shared care is a viable option. It allows couples to share the benefits of each other’s policies. If one member of a couple becomes sick they can access 100% of the available funds covered by the insurance policy. If, however, both require access to the account, then the funds can be split evenly.
Purchase Sooner Rather than Later
Rates for long-term care insurance are largely based on age. The older you are the more you will pay. If you can secure long-term care insurance at an early age, accompanied by some sort of inflation coverage, then you will most likely pay less than your aged counterparts.
Awareness of Tax Write-Offs
If you are a small business owner or have high health care costs, then long-term care insurance premiums can be written off on your tax returns. Licensed accountants will be familiar with this policy, and you will most likely receive a tax break.
Speak with a Qualified Expert
Most consumers have no idea what a long-term care insurance plan looks like. Typically, the plan will cover somewhere around 5,000 month in the event that long term care is necessary. Consumers can expect to pay around $185/month for this coverage.