Long Term Care Insurance Policies
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. [...]
Recent Feedback