Long-Term Care Insurance Policy In Boise Idaho

Growing old is the hardest part of being a human. You tend to have a weaker body to do your normal stuff like bathing, eating, dressing, and even going in or out of the bed and toilet. When this happens chances are you’ll need some help in taking care of yourself. The biggest question is: how can you afford to pay for it?

One way to prepare for this is by buying long-term care insurance. Long-term care insurance (LTC) is an insurance product, sold by the United State, United Kingdom, and Canada that provides nursing-home care, home health care, and personal or adult daycare. This policy helps cover the cost of that care when you cannot take care of yourself due to aging, a car accident, and having a medical condition.

There are two types of services long-term care cover: custodial care is supported with personal tasks like bathing, eating, and going in or out in bed. And skilled care is a support with a medical professional such as a nurse or therapist.

Most people think that this type of insurance is taking place in a nursing home. Yes! But such care can extend and happen in a variety of places and location such as:

• Your home.
• An assisted living facility.
• An adult daycare center.

While the cost of long-term care is different from every state, considering the costs is an important part of any long-range financial plan, especially if you’re in your 50s and beyond. It is not a good idea to buy insurance if you already need care. You won’t qualify for long-term care if you already have a debilitating condition. The perfect time for this insurance is when you’re in the mid-50s to mid-60s.

If you think that long-term care insurance is the right choice in your situation or preferences. It is essential to learn more about the policy before you go shopping.

Reasons to Buy Long-Term Care Insurance

When you decide on buying long-term care insurance it is important to consider why you need this policy. In 2016 half of 65-years old people will eventually develop a disability and will need some long-term care. Most of it will need care for less than two years, while the remaining 14% will require care for more than five years, says Urban Institution and the U.S. Department and Health and Human Services.

If you still haven’t considered long-term care insurance because you think that your regular health insurance or employer’s health plan or Medicare can back you up. You will see yourself short when it comes to the time that you need to cover expenses for an extended time. Because your regular health insurance and Medicare don’t cover long-term care policy. Medicare covers a limited amount of nursing home stay or home health care. It does not cover custodial care, which includes supervision and helps with daily routine.

If you don’t have insurance coverage to cover this policy, you’ll need to pay for it yourself. But there is another way you can get help from Medicaid, an insurance program for those with low incomes, only after you exhausted most of your savings.

Most people buy long-term care policy because of two reasons:

1. To protect their savings. The costs of long-term insurance can lower the retirement life savings quickly. The insurance cost is expensive and without proper planning, it can quickly use up your entire savings.
2. Freedom of choice for your care. Having this type of coverage can give access to choosing a better quality of care. If you have this policy, you will have the ability to choose how and where you want to receive care.

Where To Shop Long-Term Care Insurance?

In today’s, shopping for long-term care is easy because many agents work primarily with insurance companies and it has several to choose from. Genworth is a company that traditionally sells long-term care. Aside from this, a new breed of life and long-term care policy stepped in to dominate the market.

Here are the lists where you can purchase long-term coverage:

1. Genworth Financial.
2. Mass Mutual.
3. Transamerica.
4. State Farm.
5. Mutual Of Omaha. 
6. Bankers Life & Casualty.
7. New York Life.
8. Northern Mutual.
9. John Hancock.

How It Works

Long-term care insurance is the same as buying life insurance, with a similar process, and prices. You’ll be needing to fill out an application and answer health questionnaires. The agent might also request medical records, you choose the amount of coverage you want.

Once you’re qualified for coverage and the policy is issued, you start paying monthly premiums. The coverage is guaranteed as long as you pay your premiums, regardless of your age and health condition. Normally, you will receive the benefit once you are unable to do at least six activities of daily living -  ADLs. And that activities identify as:

• Bathing.
• Caring for incontinence or bowel control.
• Dressing.
• Eating.
• Toileting (getting on or off the toilet).
• Transferring (getting in or out of bed).

When you need care and want to make a claim, the insurance company sends your doctor’s medical records and sends a nurse to your location to do an evaluation.

How Much Is Long-Term Care Cost?

The cost of this insurance may depend on a variety of factors, including:

• Age & Health: Age and health are the important factors to consider in your premiums. The older you get, the more health problems may develop, meaning the more you’ll need to pay when you buy coverage.
• Gender: For long-term coverage women usually pay more because they live longer than men, and they have a greater chance to receive insurance claims.
• Marital Status: Married couples pay lower premiums than a single person.
• Insurance Companies: As the costs can differ from most regions and states, the rates will be determined by your insurance providers. That is why it is recommended to compare quotes from different carriers.
• Amount of Coverage: The more quality cares you want, the higher the rates you have to pay.

ANNUAL PREMIUM ESTIMATES

Remember, that these are only averages estimates based on a pool of data gathered from every insurance company.

How To Buy Long-Term Insurance?

As we say that numerous insurance companies offer long-term care insurance, you can direct with them to purchase coverage. Or you can go directly through an agent because most of them work primarily in insurance companies. Another option is to buy coverage at work. Some employers offer the opportunity to buy coverage from their brokers at group rates. I personally recommend getting quotes from different companies with the same policy to help you compare prices.

Tax Deduction For Long-Term Insurance

Long-term care insurance is treated similarly to health insurance, meaning the tax incentive for buying this type of insurance got even better. IRS increased the 2021 tax-deductibility limits and LTC premiums. Therefore the premiums you pay are generally tax-deductible. And the limits for the number of premiums you can withdraw increase as you age.

2021 - MAXIMUM DEDUCTIBLE PREMIUMS

Obviously, buying long-term care is expensive, but it is necessary because aging is our nature and part of growing. Even though you’re healthy for now, you cannot guarantee that you will not need custodial care later in life. Considering this policy will help you live like you want to and can support the quality care you deserve.

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