Coordinating Long-Term Care Insurance with Government Benefits
If you re a senior, the future may present more of a concern than it once did--you may wonder what you ll do if your
health deteriorates.
If you must enter a nursing home, for example, how will you pay for it? Fortunately, you may have
several options.
One such option is...
Mais
Coordinating Long-Term Care Insurance with Government Benefits If you re a senior, the future may present more of a concern than it once did--you may wonder what you ll do if your health deteriorates. If you must enter a nursing home, for example, how will you pay for it? Fortunately, you may have several options. One such option is long-term care insurance (LTCI). Government-regulated programs can also help. These include Medicare, Medigap, and Medicaid. If you lack sufficient resources to pay for long-term care on your own, should you buy LTCI, rely only on government programs, or use an LTCI policy to supplement government benefits? Before you can answer this question, you ll need to know what types of long-term care are covered under each program. Figuring out where one program leaves off and another begins can be a challenge, so here s an overview. Thethreetypesoflong-termcare There are basically three types of long-term care: skilled care, intermediate care, and custodial
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11/24/10
Long-Term
Care
Insurance:
How Does It
Work?
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Five Things to Watch Out for When Buying Long-Term Care Insurance
You ve researched long-term care insurance (LTCI) and are seriously thinking of buying a policy.
Just make sure
you re doing it for the right reasons--don t be swayed by unsubstantiated sales pitches.
Here are some claims you ll
want to think twice about....
Mais
Five Things to Watch Out for When Buying Long-Term Care Insurance You ve researched long-term care insurance (LTCI) and are seriously thinking of buying a policy. Just make sure you re doing it for the right reasons--don t be swayed by unsubstantiated sales pitches. Here are some claims you ll want to think twice about. Along-termcarepolicyisagreattaxwrite-off Though it s true that premiums paid on a tax-qualified LTCI policy can reduce your tax burden, you must itemize deductions to be eligible. When you re older, perhaps you ll no longer itemize deductions. And even if you do, LTCI premiums fall under the write-off for medical and dental expenses, which is limited to expenses that exceed 7. 5 percent of your adjusted gross income. So, for example, if your adjusted gross income is $60,000, you are able to deduct only that portion of your unreimbursed medical and dental expenses (including LTCI premiums) that exceeds $4,500. And there s another caveat. Even if your LTCI premium
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11/24/10
Should You
Buy LongTerm Care
Insurance?
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Long-Term Care Insurance: How Does It Work?
Whether you ve had a long-term care insurance (LTCI) policy for years or you re thinking of buying one, it s critical to
understand exactly what set of conditions will trigger coverage.
This information is the bread and butter of any LTCI
policy.
In addition, you should know how to file a...
Mais
Long-Term Care Insurance: How Does It Work? Whether you ve had a long-term care insurance (LTCI) policy for years or you re thinking of buying one, it s critical to understand exactly what set of conditions will trigger coverage. This information is the bread and butter of any LTCI policy. In addition, you should know how to file a claim, preferably before you re on the verge of needing care. Whatdeterminesifyou reentitledtobenefits? LTCI policies differ on how benefits are triggered, so it s crucial to examine your individual policy. Here are some typical ways you can become eligible for benefits: • You re unable to perform a certain number of activities of daily living (ADLs) without assistance, such as eating, bathing, dressing, continence, toileting (moving on and off the toilet), and transferring (moving in and out of bed). Look in your policy to see what ADLs are included, the number you must be unable to perform, and how your policy defines "unable to perform" for each ADL,
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Understandin
g Long-Term
Care Riders
and Options
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Should You Buy Long-Term Care Insurance?
The longer you live, the greater the chances you ll need some form of long-term care.
If you re concerned about
protecting your assets and maintaining your financial independence in your later years, long-term care insurance
(LTCI) may be for you.
Whoneedsit?
Approximately 40 percent of...
Mais
Should You Buy Long-Term Care Insurance? The longer you live, the greater the chances you ll need some form of long-term care. If you re concerned about protecting your assets and maintaining your financial independence in your later years, long-term care insurance (LTCI) may be for you. Whoneedsit? Approximately 40 percent of Americans age 65 or older will need long-term care at some point during their lives. (Source: The National Clearinghouse for Long-Term Care Information, 2008. ) And with life expectancies increasing at a steady rate, this figure can be expected to grow in the years to come. Butwon tthegovernmentlookoutforme? Medicare pays nothing for nursing home care unless you ve first been in the hospital for 3 consecutive days. After that, it will pay only if you enter a certified nursing home within 30 days of your discharge from the hospital. For the first 20 days, Medicare pays 100 percent of your nursing home care costs. After that, you ll pay $137. 50 per day (in
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11/24/10
Using Life
Insurance
Riders to Pay
for Long-Term
Care
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Comparing
Long-Term
Care
Insurance
Policies
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Understanding Long-Term Care Riders and Options
There s no such thing as a standard long-term care insurance (LTCI) policy.
Some policies are comprehensive
(including most group LTCI policies), building many important features into the base plan--while charging a higher
premium.
Other lower-priced policies provide only basic coverage...
Mais
Understanding Long-Term Care Riders and Options There s no such thing as a standard long-term care insurance (LTCI) policy. Some policies are comprehensive (including most group LTCI policies), building many important features into the base plan--while charging a higher premium. Other lower-priced policies provide only basic coverage but offer you the choice of buying greater benefits at an additional cost. That s why it s important when comparing policies to look at both the basic coverage an LTCI policy offers and the optional benefits you can add. Aquicklookatlong-termcareinsurancebasics Most LTCI policies today cover a full range of services, including full-time nursing home care (skilled care), part-time nursing home care (intermediate care), or assistance with daily living activities (custodial care). Coverage for mental incapacity (including Alzheimer s disease) is now standard in most policies. Also, a good basic policy won t require you to spend time in a hospital before
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