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 Posted: Tue Feb 10, 2009 10:01 am Post subject: How do I pick an Ltc plan? |
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LTC is quite expensive..any distinct features that would make it worth buying?
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Purpleheaded08
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| Posted: Tue Feb 10, 2009 5:09 pm Post subject: |
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See one thing is for very sure that if you have big money or property to pass it to your children or grandchildren then this type of policy will be a great help to you.Some people do some mistakes that they think,they will pass on their wealth to their children and then live on the states aid,but it is not allowed. 
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amit
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| Posted: Wed Feb 11, 2009 11:35 am Post subject: |
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Hi Purpleheaded08,
You may take my word that the best of these ltc polices would surely reimburse you for the following-
* nursing home facilities
* home care
* living assistance
The benefits would generally be counted on a daily basis but would have an upper-cap for your entire life. For such policies half of your nursing care benefits may turn out to be worthy of your home care benefits. You may also come across policies that would offer a lot of other associated benefits.
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fatman
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| Posted: Fri Feb 13, 2009 6:27 am Post subject: |
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Great question. It's something a lot of people neglect to consider.
LTC contracts are getting more and more uniform every year. Many states are passing laws allowing "partnership policies" and the IRS is getting more lenient with the tax-law side of things.
There are many things to consider when looking at purchasing a LTC contract. Just about every state has a boatload of rules that affect LTC, including law and rule provision that provide for a good level of mandatory coverage within the contract. My suggestion is that you learn all you can about LTC before you buy. You need to consider a lot of things before you plunk down a whole lotta $$$. Click on one of the links below for some good info to research BEFORE you buy anything.
This is a good one to AARP:
http://www.aarp.org/money/financial_planning/sessionfive/longterm_care _insurance.html
Here's a good link to learn about LTC Partnerships:
http://www.civicenterprises.net/pdfs/policysample-ahip.pdf
There's a lot of information out there, and if you have any specific questions, I'm sure that we can get you the answers you're looking for.
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InsTeacher
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| Posted: Fri Feb 13, 2009 9:08 am Post subject: |
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Hey Fatman, we know that long term care policy would pay for the nurshing home, day care, home care and living assistance to the insured. but apart from looking into the benefits of the plan what are the other aspect that the policy holder needs to keep in mind which choosing the LTC plan.
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coffeeandcaramel
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| Posted: Sat Feb 14, 2009 7:57 am Post subject: |
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| Quote: | | LTC is quite expensive..any distinct features that would make it worth buying? |
Hi Purpleheaded08
Long term care may be expensive but, it helps you save enough money for health care services at home. You may be needing skilled nursing care by a licensed care giver. Your long term care insurance can help pay for the expenses. This insurance also pays if you have to hire help for household activities like cooking, cleaning, house keeping and so on. A critical illness can render you unable to take care of your household work. Your long term care policy may come in handy in such a situation.
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