Long Term Care

Dunagan Insurance Group

LONG TERM CARE Insurance Policy
The costs of long term care can be substantial for individuals who need health services on a daily basis. Fortunately, long term care insurance policies can take the brunt of the cost out of receiving important care.

Who Can Benefit From a Long Term Care Insurance Policy?
Long term care policies are for those who need care almost on a daily basis, or at least 90 days of the year. Individuals who have trouble completing daily tasks such as walking, going to the bathroom, and feeding themselves require extensive care. Long term care insurance helps cover the costs of securing this type of care.

Many individuals over the age of 65 come to need long term care. Caretakers can help an elderly person cope with daily tasks and make home living possible for an extended amount of time. These policies are not only for the elderly, though; individuals with mental impairments or physical disabilities also seek these insurance policies.

How Does It Work?
Care insurance policies work through the payment of monthly premiums. The insurance company will determine the fair amount for your premium based on your anticipated needs. So long as the monthly fee is met, the insurance company covers all or most of your medical costs. Different types of coverage exist, including tax qualified policies in which benefits are non-taxable, and non-tax qualified policies in which benefits are taxable.

The benefits of the policy include care such as adult daycare, assisted living, and nursing home care. The policies also help cover out of pocket expenses such as medications or canes. Premiums can sometimes factor into an income tax deduction.

Once covered by this type of policy, individuals can plan how much their medical care is going to take out of their personal budget.