Long term care insurance (LTCI) policies are a little different than other types of health insurance. Health insurance usually covers medical services in case a covered person is sick or injured. LTCI, on the other hand, helps provide nursing care in case a person cannot perform the “activities of daily living” or other qualifications, as specified in a particular policy.

LTCI is meant to provide nursing care. That could be in a nursing home, assisted living facility, or home health care. Some even help with the costs of care that are provided by a family member.  You need to look at the specific policy that you are considering to see what it covers. Some may only cover nursing homes, for example, while others allow more flexibility in determining how that care will be taken.  You could learn more about the need for long term care insurance.

Tax Qualified vs Non-Tax Qualifed LTCI

If you are shopping for LTCI, you probably want to be aware that some long term care insurance policies are tax qualified. That means that the premiums could be deducted from your federal (and possibly state) income reporting when you prepare tax returns.  Non-tax qualifed policies cannot be used as deductions.  In addition, there is some question about benefits being taxible. Tax qualifed plans have tax free benefits.

So why would anybody choose a non-tax qualified (NTQ) plan?

Well, the government requires these to trigger benefits if a person cannot perform the activities of daily living for a specified waiting period. Non-tax qualified policies could have a less strict requirement to trigger benefits. They may just need a doctor to confirm that there is a medical necessity. In addition, a NTQ policy may not have as long of a qualified period.

There is no question that tax qualified long term care insurance policies have become much more popular because the provide the immediate benefit of a tax deduction.

Find Long Term Care Insurance Policies

You can find out how much long term care insurance policies cost with our safe, fast, and free online quote forms.  You simply need to enter your basic information, like your zip code and age, one time. In return, LTCI companies wil compete for your business.

Before you sign off on anything, make sure you you understand the advantages and disadvantages of the particular plan you choose.

Benefits of LTCI

People have different reasons for buying a policy, but many just want to plan for the possibility of needing expensive nursing care at some point. They do want their family to have this burden, or they want to make sure that their assets are protected.  Since nursing care could cost thousands of dollars a month, it is easy to see how this cost could run through a lifetime of savings very quickly.

Keep in mind, that policiesa differ. Some may pay the whole amount, some may pay a portion, or others may specifiy a daily rate they will cover – and it is up to the covered person to either shop around or paythe difference.

There are also alternatives to long term care insurance.

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The US Medicare health insurance system provides basic health benefits for most American seniors, and also for disabled people. While this health insurance helps seniors afford health care, it provides few benefits for vision and dental care. Some seniors may have dental benefits through a Medicare Advantage plan, while others could be covered through job retirement benefits. But many have no coverage. For more information, refer to: Does Medicare cover Dental and Vision?

Planning For Retiremennt Dental and Vision Costs

But of course, proper care of teeth and eyes is very important for the long term health and happiness of older people. If you have been to a dentist or eye doctor lately, you also know that it can get expensive.

Dental Insurance – I have seen some plans that are even specifically marketed to seniors. In return for a premium, people can buy private dental insurance. Keep in mind that not everything may be covered, and there will still be out of pocket expenses like copays and deductibles. In addition, many dental insurance policies specify a yearly maxium that they will pay out. Before purchasing a plan, make sure you understand how it works.

Discount Dental Plans – While not insurance, these plans operate sort of like network health plans work. They have a group or association (network) of service providers. Some also include vision care. This network of providers agrees to charge plan members a discounted price. These plans are usually much cheaper than insurance, because they don’t actually pay for services, but just allow access to a negotiated price.  Find more information here: Low Cost Discount Dental.

Government or Community Programs – I have just seen an advertisement for a local institution that helps low income people with food banks, resale shops, etc. They had a dental clinic open on certain days for lower income people and senior citizens. You may be able to find programs like this in your local area.  Federal and state clinics also operate clinics in some areas. It would be worth it to search for resources now, before you have an emergency need for help.

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