Here are three Long Term Care Insurance tips by Newton Daily News that will help you navigate the Long Term Care world:
1. First, your premiums will be less expensive if you take out your policy when you’re younger and healthy. Additionally, even if you are, you need to consider how much you can afford now and in the future. If there comes a time that you can’t make your payments, you could conceivably lose all that you’ve invested, according to AARP. Your financial advisor can help you decide if your savings and investments can contribute toward your long-term care insurance policy.
2. The benefits that your long-term care insurance pays out are not taxed as income, and if you itemize on your income taxes, and your medical costs are more than 7.5 percent of your adjusted gross income, you can deduct your insurance premiums from your taxes, adds AARP.
3. There are various sources to obtain long-term care insurance, notes AARP. You can find individual plans through an insurance agent or broker. If your employer offers long-term care insurance you can usually retain the policy by continuing to make the payments even after you retire or leave. If you belong to a professional or service organization, it may offer long-term care insurance policies, as well. Most states participate in the State Partnership Program whereby you can hold onto your savings and certain assets and still qualify for Medicaid.