Long Term Care Insurance is also abbreviated as LTCI or LTC and it is the insurance sold up mostly in the United States. It has been evolved to provide the cost of long-term care which has been contracted to a certain time period. Those care and concern neglected by Medicare, health insurance and Medicaid is covered by LTC.
Those individuals seeking long term care insurance are those who are not able to perform their daily activities including eating, bathing, dressing, continence, toileting, walking or even transferring. These people are also not termed to be sick as it is their inability to perform these functions. Unlike what the name pertains, the insurance is not a long term one but it includes a particular time frame for the recovery from any accidents, illness or even from surgeries. With the stimulation of age, the need for long term care also increases. Still, age does not play an important role in having the long term care as the estimation proves that around 40% of those who are into long term care insurance are aged between 18 to 64. With a change of health or pattern, the insurance might not be made available as more help is not needed and so the long term care insurance. Even though Parkinson’s and Alzheimer’s disease do not occur often, it does occur rarely and should be considered.
The different aspects covered by Long term care insurance includes assisted living, home care, hospice care, respite care, adult daycare, nursing home and also the Alzheimer’s conditions. There are many of them who do not wish to rely on their children or other family members to support them. For those who wish to stand on their own, the long term care insurance can assist them by covering their pocket expenses. The savings of the individual or the family can get ruined easily without the presence of the long term care insurance.
You can also avail an income tax deduction on taking the long term care insurance which is of great relief. The age of the person covered plays an important role in the deduction of the amount. There are also some business deduction plans which depend largely on the type of business concerned.
When you need someone to hold your hand or support you for your daily activities, it is the right time and the perfect choice indeed to depend on the long term care insurance policy.