Important information about LTC insurance policies | DarrasLaw
Helping the disabled from coast to coast Get Your Free Case Review

Important information about LTC insurance policies

Your source for the latest health, disability and insurance news and tips.

Important information about LTC insurance policies.png

California residents may be aware of the cost of long-term care. One man found out the hard way how expensive it can be when his mother fell and then suffered complications while in the hospital. The cost of a nursing home at the time was about $7,500 a month, and the man's mother only had enough money to pay for four months of care.

However, the man and his wife found that long-term care insurance could help protect their retirement and keep them from being a burden on their own kids. Most people who qualify for long-term care insurance policies are between the ages of 45 and 65 who are in good health when they apply. The average yearly cost of such as policy can run from $1,800 a year for an individual to $3,000 a person each year for a married couple.

Those who pay for premiums with a health savings account may qualify for a tax deduction. This may also be true for those who are self-employed and pay for their own long-term care insurance. Individuals who pay long-term care insurance premiums and have medical expenses that equal 10 percent or more of their adjusted gross income may also qualify for a tax deduction.

Long-term care insurance may help individuals pay for some or all of their health care needs as they get older. In some cases, it may be combined with a life insurance policy to maximize potential benefits. Legal counsel may be helpful for those who have been denied a policy or for those who have had a policy claim denied. An attorney may also be helpful in determining how a policy may fit into an estate plan as it may offer death benefits or have cash value when the owner dies.