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Frequently Asked Questions
Long-term care insurance is coverage that pays for nursing-home care, home health care, care in an assisted living facility, or personal or adult daycare for individuals with a chronic or disabling condition that needs constant supervision. LTC insurance may offer more flexibility and choice of providers compared to public assistance programs, such as Medicaid.
Long term care insurance may be more affordable than you think. There is a range of options depending on your needs and your budget. A long term care specialist may be able to help your find a plan that is right for your circumstances.
Each carrier has different criteria but in general a policyholder would begin to receive benefits when they are unable to perform at least 2 of 6 activities of daily living (ADLs) or they require substantial assistance due to a serious cognitive impairment.
Yes. Private long term care insurance offers national – and in some cases, international – portability of your benefits. Be sure to let your specialist know of your retirement plans, and he or she will find you a plan that will follow you.
The cost of care in the future can quickly drain your savings. Insurance can help leverage that by offering a larger pool of funds.
Some plans even offer a death benefit that pays a beneficiary if you do not use your coverage.
While researching your LTCi options, you will be matched with an LTCi specialist with years of experience to help guide you to the best plan for your dollar. The consultations are complementary.
LTCi policies may provide:
- A much greater pool of benefit dollars in the future to supplement the high cost of care
- Longer duration of benefits
- Options to get a return of premiums or life insurance if LTC benefits are never used
- The ability to adjust your coverage in the future
- Spousal discounts and discounts for being in good health
- Coverage immediately after issue (no vesting period is required)
- Portability to use the benefits in any state or Canada (international benefits may also be available)
- Tax incentives, such as the ability to use your Health Savings Account (HSA), tax deductibility for business owners, and tax-free benefits
HSA funds can be used to pay LTCi premiums.
- You may be able to contribute pre-tax dollars into your HSA up to annual limit.
- You may be able to pay the premium and request reimbursement from your HSA administrator for you or your spouse each year up to an annual age-based limit.
- Business paid LTCi premiums may be a tax-deductible business expense as health insurance for employees and spouses.
- Self-employed business owners may also be able to deduct LTCi premiums on their individual tax returns up to an annual age-based limit.
- Owners can select which executives or employees to include in the LTCi program.
- LTCi benefits are generally received tax-free even after the tax deduction.
By filling out the form below, you can meet remotely with an LTCi specialist with years of experience for free to help guide you to the best plan for your dollar.
Our LTC specialist community is here to help. Long term care planning may be one of the most meaningful things you can do for your family to protect them from becoming unintended caregivers.
BuddyIns is a community of experienced long term care specialists dedicated to helping you find the right plan for you and your family. There is no extra cost for our services, and our specialists are happy to answer your questions regardless of whether you purchase a private long term care insurance plan.