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Reasons to Get Long Term Care Insurance People, especially the younger ones, do not think about long term care insurance until the need arises. Many people do not realize that they will need long term care when they get older because while they are still young and strong, they don’t believe that they will ever need it. There are people who don’t even think that they will ever need long term care someday. According to research, however, a great percentage of people reaching the age of 65, need long term care. Not everybody thinks that way, though, because there are still some that have seen the need of future long term care and have purchased long term care insurance for themselves. There people who have done so are actually very few compared to those who are not as yet convinced. Below are some of the benefits of purchasing long term care insurance, and if you have not been convinced until now, take time to consider the things given below. There is protection for your assets if you get yourself long term care insurance. The elderly sometimes lose their homes and property because they need to stay in a nursing home. You don’t have to sell your house just so you could be in a nursing home because if you have long term care insurance, your care will be taken care of and your house can stay and be inherited by your loved ones.
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You don’t have to be forced to stay in a nursing home if you have long term care insurance. Today, more policies are covering assisted living, home care, and respite care expenses. So if you don’t want to end up in a nursing home, long term care insurance can be beneficial.
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It is possible to have more choices when it comes to long term care, only if you have long term care insurance. Simply relying of Medicare or Medicaid will only give you limited options. You situation might not ever be covered by these. Long term care insurance allows you to choose your preferred facility and caregiver. Your family will no longer be burdened if you are provided with long term care. You don’t need to worry about your spouse of your children providing you care round the clock and disrupting their lives. Another benefit of buying long term care insurance is that you can be eligible for tax deductions. You can have tax deductions on premiums that exceed 7 percent of your adjusted gross income. Insurance benefits are not considered taxable income. The main exception to this rule is that policies that pay a certain amount per day are taxed if they exceed the maximum allowable amount. Depending on your budget and needs, you policy can be adjusted. You can choose the maximum number of years for which care will be covered. A lower rate is given by insurance companies to couples that purchase a policy together. Check with your insurance company to see if they offer such a discount.