Long-Term Care Insurance
Long-term care insurance covers care generally not covered by health insurance, Medicare or Medicaid.
Long-Term Care Includes:
- Nursing Homes
- Home Healthcare
- Assisted Living
Other benefits of long-term care insurance:
- Many individuals may feel uncomfortable relying on their children or family members for support and find that long-term care insurance could help cover out-of-pocket expenses. Without long-term care insurance, the cost of providing these services may quickly deplete the savings of the individual and/or their family.
- Premiums paid on a long-term care insurance product may be eligible for an income tax deduction. The amount of the deduction depends on the age of the covered person. Benefits paid from a long-term care contract are generally excluded from income.