I am copy-pasting lines from the article I found on one of site. If you find it useful, you can learn more about it on
www (dot) long-term-care-insurance-planners (dot) com
1. Keep your independence and dignity.
Seniors who are unable to pay for their own long term care must first have no substantial assets before they can qualify for Medicaid assistance. Medicaid may not allow you the choice of home care or an assisted living facility. Instead, it can insist on nursing home care. Also, Medicaid insurance typically only pays for a semiprivate room and not all nursing homes accept Medicaid patients. Many people may feel a loss of dignity at being in a nursing home environment.
A long term care insurance policy gives you more options of care and freedom. You can decide to be cared for in your own home or in an assisted living facility. Ultimately, if a nursing home is needed, the policy coverage will pay for the nursing home care.
Re: What are the benefits of Long Term Care Insurance?
katie
25-01-2010 01:56
An individual may be able to deduct part of the premiums for a long term care insurance policy and benefits paid out will generally not be taxable as income. List on Form 8853. Benefits paid to you under a non tax-qualified long term care plan may be considered taxable income. Buying a non tax-qualified plan could increase your tax liability and reduce the value of the benefits.
Re: What are the benefits of Long Term Care Insurance?
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