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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. Many people believe that they don’t need this kind of insurance. And there are those who feel that it is impossible for them to need that kind of insurance. Long term care is actually needed by a lot of people reaching the age of 65, and this is according to research. Not everybody thinks that way, though, because there are still some that have seen the need of future long term care and have purchased long term care insurance for themselves. There people who have done so are actually very few compared to those who are not as yet convinced. In order for you to know why you need to get long term care insurance, here are some of the benefits you get from it, for your consideration. Long term care insurance can actually protect your assets. Because of their need to stay in a nursing home, some elderly people had to sell their homes and properties. 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.
Understanding Policies
If you have a good long term care insurance policy, then it can pay for more than just staying in a nursing home. Today, more policies are covering assisted living, home care, and respite care expenses. 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. Simply relying of Medicare or Medicaid will only give you limited options. There are certain situations that are not covered by Medicare or Medicaid. You have the benefit of choosing your facility and your caregiver with long term care insurance. If you are provided for your long term care, it will remove the 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. You can be eligible for tax deductions if your purchase long term care insurance. You can have tax deductions on premiums that exceed 7 percent of your adjusted gross income. There is no tax imposed on benefits received from your insurance. If the amount the policy pays per day exceeds the maximum allowable amount, then tax is imposed on it, which is the only exception to this rule. It is possible to adjust your policy 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. If you want to avail of this discount, you should check first if the insurance company offers it.

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