Long Term Care Insurance
Long-term care insurance is a specific insurance product that helps to cover the costs involved with long-term care. In the United States, this type of insurance is also referred to as long-term care insurance or long-term disability insurance. This insurance is usually purchased by those who are either approaching the end of their lives or are already elderly and have a need for more extensive health care. Long-term care insurance pays a variety of different benefits depending on the coverage you select, the cost of the premiums and the policy features.
One benefit of long-term care insurance policies is the increased income, which comes from the ability to earn a monthly income versus losing your income when you become incapacitated. Another important benefit is that long-term care insurance provides assistance in paying for the cost of home and nursing home care. Often the costs involved in-home and nursing home care can be extremely high, which can make paying for it financially challenging. If your family relies on you to make decisions regarding your long-term care, then purchasing the right policy makes good financial and emotional sense.
There are tax-qualified insurance policies offered as well. Tax qualified policies usually offer a lower premium than the untaxed long-term care policies offered. If you elect to purchase tax-qualified policies, be certain that you read the fine print. A few policies may be available without a medical exam.
Regardless, of which type of long-term care insurance policy you choose, you will want to carefully review it before you sign. Make certain that it fits into your budget, provides adequate coverage, and that you understand the terms and conditions. Also take a look at the fine print, as it will help you understand the policy if you ever need to file a claim. Understand what your premiums will be and make sure that the benefits package is something you can afford.
For more information about how The Sena Group can help you with any
of your insurance needs, please contact us at 561-391-4661.
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The Sena Group
6501 Congress Ave., Ste. 100
Boca Raton, FL 33487
