Long-term Care Insurance

Less than 10% of us have long term care coverage, but studies show that over 60% of us who make it to age 65 will need it at some point in our lives.

It may not be the most pleasant thing to think about it, but many of us – at some point of our lives – will get sick, chronically sick, and will require long-term care.
Long-term care insurance helps provide for the cost of long-term care and covers care generally not covered by health insurance, Medicare or Medicaid.
Individuals who require long-term care may not be sick in the traditional sense but may not be able to do basic activities, such as bathing, eating, toileting and walking.
About 40 percent of those receiving long-term care today are between 18 and 64. About 60 percent of individuals over age 65 will require at least some type of long-term care services during their lifetime, studies show.

Long-term care insurance generally covers home care, assisted living, adult daycare, respite care, hospice care, nursing home and Alzheimer's facilities.
If home-care coverage is purchased, long-term care insurance can keep you out of a nursing home or other similar facility. It will pay for home care, often from the first day it is needed, including a part-time or live-in caregiver, companion, housekeeper, therapist or private duty nurse up to 7 days a week, 24 hours a day.
Here are a few other benefits:

♦ You won’t have to depend on relatives or friends to receive the help you need.
♦ You won’t have to worry about depleting your savings or your relatives’ savings.
♦ The premiums you pay may be eligible for income tax deduction. The amount of the deduction depends on the age of the covered person.
♦ Business deductions of premiums are determined by the type of business.
♦ Generally corporations paying premiums for an employee are 100% deductible if not included in employee's taxable income.

Call us at (757) 599-9111 to learn more about life and long term care insurance.

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