4 Benefits of Long Term Care Insurance

Long-term care insurance is an insurance product that many people do not deem a necessary item to purchase. While most people have health insurance and life insurance, many feel that long-term care insurance is not worth the cost. Even though it is not as popular as some other insurance products, it can provide you with some benefits. Here are a few of the benefits that you can expect with long-term care insurance.

1. Avoid Depleting Savings

As you get older, the odds increase that you will need to spend some time in a long-term care facility. Even if you do not have to stay in the facility for an extended period of time, this can cost a great deal of money. Long-term care facilities have very high rates. If you have to stay in one for any amount of time, it will significantly eat into your savings. Most people are unsure of whether they will have enough money for retirement anyway. When you add in a long-term care facility bill, the average person will run out of money very quickly. With long-term care insurance, they will pick up the tab for the majority of the long-term care. By paying some premiums early in life, you can avoid having to come up with additional money when you are retired.

2. Avoid Dependence On Children

Many people that are elderly become less able to take care of themselves on a regular basis. While they might be able to do certain daily functions, other things might require some assistance. Many people end up relying on their adult children for these needs because they do not have anyone else that can help them. At the same time, many elderly people do not like to have to rely on their children for everything. They feel like a burden and this can end up taking a lot of time for your children. By purchasing a long-term care insurance policy, you will never have to worry about relying on your kids. Instead, if you need help, you can move into a long-term care facility or you can have a home care company come to your house and help you with the things that you need. 

3. Tax Benefit

Another one of the benefits of this product is that you could get a tax break by purchasing. In some cases, you can actually deduct the premiums that you pay for the long-term care insurance from your taxable income. This can lower the amount of taxes that you have to pay and potentially could put you in a lower tax bracket.

4. Employee Benefit

If you are a business owner, long-term care insurance can be a nice benefit for your employees. In most cases, the premiums that you pay for your employees will be 100 percent deductible. This will allow you to provide them with something useful and get a tax break for your business at the same time. 

blog comments powered by Disqus