10 Valuable Tips on Long Term Care Insurance
10 Valuable Tips on Long Term Care Insurance
Understanding long term care insurance is quite tough, confusing, and requires a lot of time. So, to help you get an overview on how to determine a reliable LTCi and how you can easily acquire one, here are ten tips you can use as guidelines all throughout your journey.
1. Don't rely too much on Medicare or Medicaid
Let's face it, government-supported programs such as Medicare and Medicaid offer very limited health care assistance. Medicare usually pays a small fee in nursing home expenditures. While, Medicaid pays for long-term care services, but only if you meet federal poverty guidelines, and the choice of care facilities can be very low.
2. Ask for a professional guidance from a financial advisor
It pays well to ask for a more reliable guidance from a financial advisor particularly in terms of LTCi. Doing so can help you determine which coverage best fits your specific financial situation. When in doubt, shop around for the most appropriate coverage at the best price possible.
3. An LTCi is not for everyone
According to NAIC, if you currently receive Social Security or expect to have minimal or no retirement savings, there is a big possibility that you will qualify for state aid, so there's no need to purchase LTCi.
4. Learn how to research and investigate
Buy time to do further investigations about LTC coverage if you finally decide you do not want to rely on others to support you. Opt to a more flexible type of LTC as much as possible.
5. Make a background check on LTC rates
Check with your state insurance department to find out how your state regulates rate increases. Doing so prepares you to see what your other options are.
6. Study and understand what your LTC policy covers
Make sure to understand what the long-term care insurance covers and its limitations. Also, be certain that the insurance provider is reputable, stable and licensed. Ask around and head to you state insurance department if you want to know more about the insurance company you have been eyeing to get.
7. Seek if tax credits are available
Remember that tax credits are available for qualified LTCi policy premiums. The benefit payments received under such policies are tax free.
8. Be aware of pre-existing conditions
Conditions that you have before you apply for coverage may be excluded from insurance coverage you have today. Make sure to identify what these pre-existing conditions are so that you get to have the time to do modifications with you policies beforehand.
9. Never rely on advertisements
It's not recommendable you rely your choice based on advertisements. Keep in mind, LTCi is not just a simple product to avail; it is a very important investment as well.
10. Be careful in giving out your personal information
Once you have finally decided on which LTCi policy to get, make sure you do all the signing in-office and not just over the phone. Never give personal details through calls; you might get tricked in the end for being careless.
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