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Tired of emptying your wallet to pay for expensive health insurance? Here at Top Insurance Network, help you find the right health insurance policy.
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Peace of mind: knowing that you’ll get the care you need, when you need it, without breaking the bank.
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GUIDELINES TO BUY LONG TERM CARE INSURANCE
Before you go long term care insurance shopping remember to take out some time to do some research by comparing the features and life insurance quotes of several different policies. The American Council of Life Insurance and American Health Care Association have recommended that you pay more attention the following factors in the course of your research.
Company legitimacy and reputation – Be careful to check that the companies you are looking at are licensed in your state by the state departments of insurance and that they hold favorable ratings from good rating agencies in terms of financial standing.
Coverage parameters – Policies differ in types of services supported. Some will cover custodial care, nursing home care, personal care etc in various settings like adult day care, assisted living, health care at home etc. Some also have a combination of different services so you can be sure to select a policy that meets your particular needs the best.
Benefits payout – What amount does the policy you need pay for care each day in a particular setting like assisted living, nursing home etc. How do the services pay out by the policy like fixed amount daily or reimbursement? Does it have a maximum limit on the lifetime? If that is so, then what is the limit for nursing home care? What is the limit for health care at home?
Waiting period – For how long should the insured have to wait before they can begin receiving the benefits of the policy? For most policies it ranges from 0 to 180 days. The longer is the period, lesser are the life insurance quotes.
Eligibility – Are certain triggers used for benefit by the policy for determining when you are eligible to receive your benefit? Triggers for this purpose can include daily activities that the patient required help with like bathing, dressing, eating. Also, cognitive impairment like Alzheimer’s or a prerequisite stay at the hospital for benefits of nursing home.
Benefits protection – Your policy must include inflation adjustment so as to ensure the benefits stay aligned with risen care costs. Figure out what the increase rate is and how often and for how long it is applied. A ‘guaranteed renewable’ is an additional protection clause. This states that your policy cannot get cancelled when you grow older or even if you suffer mental or physical deterioration. Also a non-forfeiture benefit that ensures some portion of the benefits you are entitled to, are available if you do cancel your policy or it lapses unintentionally.
Tax implications – Most long term care insurance policies sold are tax qualified federally. This means premiums that are paid and the out-of-pocket expenses for your long term care could be applied to the 7.5% medical payment deductions in the tax code. The benefits received are non taxable as an income up till certain limits. Consult a tax counselor if you need to learn a little more on the tax implications.
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Before you go long term care insurance shopping remember to take out some time to do some research by comparing the features and life insurance quotes of several different policies. The American Council of Life Insurance and American Health Care Association have recommended that you pay more attention the following factors in the course of your research.
Company legitimacy and reputation – Be careful to check that the companies you are looking at are licensed in your state by the state departments of insurance and that they hold favorable ratings from good rating agencies in terms of financial standing.
Coverage parameters – Policies differ in types of services supported. Some will cover custodial care, nursing home care, personal care etc in various settings like adult day care, assisted living, health care at home etc. Some also have a combination of different services so you can be sure to select a policy that meets your particular needs the best.
Benefits payout – What amount does the policy you need pay for care each day in a particular setting like assisted living, nursing home etc. How do the services pay out by the policy like fixed amount daily or reimbursement? Does it have a maximum limit on the lifetime? If that is so, then what is the limit for nursing home care? What is the limit for health care at home?
Waiting period – For how long should the insured have to wait before they can begin receiving the benefits of the policy? For most policies it ranges from 0 to 180 days. The longer is the period, lesser are the life insurance quotes.
Eligibility – Are certain triggers used for benefit by the policy for determining when you are eligible to receive your benefit? Triggers for this purpose can include daily activities that the patient required help with like bathing, dressing, eating. Also, cognitive impairment like Alzheimer’s or a prerequisite stay at the hospital for benefits of nursing home.
Benefits protection – Your policy must include inflation adjustment so as to ensure the benefits stay aligned with risen care costs. Figure out what the increase rate is and how often and for how long it is applied. A ‘guaranteed renewable’ is an additional protection clause. This states that your policy cannot get cancelled when you grow older or even if you suffer mental or physical deterioration. Also a non-forfeiture benefit that ensures some portion of the benefits you are entitled to, are available if you do cancel your policy or it lapses unintentionally.
Tax implications – Most long term care insurance policies sold are tax qualified federally. This means premiums that are paid and the out-of-pocket expenses for your long term care could be applied to the 7.5% medical payment deductions in the tax code. The benefits received are non taxable as an income up till certain limits. Consult a tax counselor if you need to learn a little more on the tax implications.
<< Main | Next >>