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LTC INSURANCEWHO NEEDS LTC INSURANCE? Many Financial planners recommend this type of policy as one of the best investment options a senior may have in their golden years to protect both their income and assets and you don't have to be an expert investor to see why! Whether or not you should buy a ltc insurance policy depends on your age, health status, overall retirement goals, income and assets. For instance, if your only source of income is a Social Security benefit or Supplemental Security Income (SSI), you probably shouldn’t buy long-term care insurance. On the other hand, if you have a large amount of assets but don’t want to use them to pay for long-term care, you may want to buy a long-term care insurance policy. Many people buy a policybecause they want to stay independent of government aid or the help of family. TAX ADVANTAGESSome federal income tax advantages are available to people who buy certain long-term care insurance policies. These policies are called tax-qualified long-term care insurance contracts, or simply qualified contracts.
Your state may have taken action to offer additional tax advantages. Check with your state insurance department or insurance agent for information about tax-qualified policies. Check with your tax advisor to find out if the tax advantages would be beneficial for you. What is Long–term Care? Long–term care refers to a wide range of medical, personal and social services. You may need this type of care if you have a prolonged illness or disability. This care may include help with daily activities, as well as home health care, adult daycare, nursing home care or care in a group living facility. Long–term care insurance is one way to pay for long–term care. It is designed to cover all or some of the services provided by long–term care.
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