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If you are amongst those individuals who feel uneasy relying on your children when the day comes you will need in-depth care and attention, then, long term care insurance is very appropriate for you. Long term care insurance, in general, covers home care, assisted living, adult day care, respite care, hospice care, nursing home, and special facilities designed particularly for Alzheimer’s disease. Getting yourself a good LTCi gives you assistance to cover for the costs of long term care. Otherwise, there is a big possibility that you exhaust all you assets and financial resources. With LTCi to back you up with the expenses, there is a greater possibility of not only guaranteeing a better and a more comfortable environment for you when in need of care but also to protect all of your hard-earned savings. You get the chance to select the level of care you need, where you’d like to receive it and how long. In every LTCi marketed today, there are two types of policies being offered. First, tax qualified policies. Tax qualified policies are considered as the commonly offered kind of policy nowadays. In a tax-qualified policy, the person is required with (a) expected to need care for at least 90 days and cannot perform two or more activities of daily living substantial assistance, or (b) at least 90 days, will need substantial assistance due to severe cognitive impairment. With a non-tax qualified policy, also formerly known as traditional LTCi, the person is required of the inability to perform one or more activity of daily living. This type of policy usually includes medical necessity triggers. Nowadays, only a few non-tax qualified policies are being marketed. This is for the reason that, most consumers today desire of attaining eligibility for tax deductions. Long term care plans are definitely complex and requires deeper understanding. When you finally decide on getting one, make initial evaluation on what type of policy coverage best answers you medical needs. Seeking guidance from your family and personal physician will surely help. And if you’d like to get more clarifications on the benefits and limitations of the coverage you want, visiting the nearest department of insurance is a smart way to do it.
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