Two types of standard long term care insurance plans are available. Understanding both types will help you to make the best decision for your circumstances and needs. Tax Qualified Plans: Long term care insurance plans that follow the federal HIPPA, or Health Insurance Portability and Accountability Act, are known as tax qualified plans. In order [...]
Some tax advantages are available for tax qualified long term care insurance plans. These tax advantages are meant to be an incentive for people to take personal responsibility for their own long term care. You should always see a tax accountant to see if your plan qualifies and have them provide help in filing for [...]
Long Term Care insurance plans can be more expensive than most people would like to pay. Looking for ways to get a discount will help make these plans more affordable. Most plans offer a variety of different discounts. Contacting an agent that is knowledgeable in different insurance companies will help you to find the perfect [...]
When you consider purchasing long term care insurance, you should take into account the financial ratings of the company. A Superior plan of care will have an A.M. Best rating of an A+ or higher. Below is a breakdown of the level of plan based on their A.M. Best rate. Superior rating: A++ or A+ [...]
When looking at long term care insurance plans, you can choose to add riders to your plan in order to have additional benefits that are not covered under a normal plan. These riders will add to your premium cost, but allow you to tailor your plan to better suit your needs. Shared Benefits Some insurance [...]
Return of Premium is a rider that can be added to your insurance plan for peace of mind. If the insured passes away having never filed a claim, the premiums that were paid for the plan or a portion of the premiums paid will be returned to the surviving heirs. Each insurance company offers different [...]
When looking at long term care insurance plans, you can choose to add riders to your plan in order to have additional benefits that are not covered under a normal plan. These riders will add to your premium cost, but allow you to tailor your plan to better suit your needs. Shared Benefits Some insurance [...]
Your long term insurance plan will usually pay for caregiver training if you are planning on having a family member or friend being a primary caregiver. They will need to learn how to do basic tasks in a safe manner in order to prevent injury to both the patient and themselves. Caregiver training will usually [...]
Home Care and Community Care Benefits Services provided by home health agencies are referred to as Home Care and Community Care Benefits. This can include a Registered Nurse, Licensed Practical Nurse, Physical Therapist, Occupational Therapist, Nurse’s Aide, non-medical homemaker services, at home hospice care and adult day care. Some insurance companies will recognize a family [...]
Registered Nurses and Licensed Social Workers have experience in coordinating care for seniors, including home health care. Because they are local, they are able to better help families find the care their loved ones requires. Some insurance plans will offer this service as a benefit to the insured. This service is both helpful to the [...]