We need to start thinking about Long Term Care (LTC) and its associated insurance sooner than once considered. While we do think of this coverage with respect to our elderly population, (about 60% of individuals over age 65 will require services), this coverage should also be seriously considered for younger individuals (about 40% of those receiving services are between age 18 and 64). And, changes in your health can affect you qualifying for coverage.
LTC insurance covers care not covered by health insurance, Medicare or Medicaid and protects your savings accounts from becoming depleted by increasing costs of healthcare. And, premiums may be tax deductible, in some cases up to 100%.
Having LTC insurance provides secondary benefits and eliminates the need to burden family members with providing this care directly to their loved ones. These policies are designed to cover a variety of services and supports in a variety of settings, even your home. LTC insurance can cover assistance with basic activities of daily living including:
Long-term care needs and expenses are unpredictable as is life span, so to provide for this uncertainty, LTC insurance policies exist to provide for the cost of long-term care beyond a predetermined period of time. Policy holders of LTC can rest easily that they will receive the care they need and the best quality of life possible, under the terms and conditions of the policy.
Choosing the right plan is important. Contact your insurance representative, financial advisor, and friends about the choices available. You may also want to contact a home healthcare provider like David York Agency to ensure the policy you choose is compatible with the home care they provide.
David York Agency would be happy to assist you with your long-term care planning. Contact us at 718-376-7755. And visit our website at http://davidyorkhomehealthcare.com/.