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What are the benefits of Long Term Care Insurance?

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  • What are the benefits of Long Term Care Insurance?

    Could anyone please explain the benefits of Long Term Care Health Insurance?

  • #2
    Re: What are the benefits of Long Term Care Insurance?

    An individual may be able to deduct part of the premiums for a long term care insurance policy and benefits paid out will generally not be taxable as income. List on Form 8853. Benefits paid to you under a non tax-qualified long term care plan may be considered taxable income. Buying a non tax-qualified plan could increase your tax liability and reduce the value of the benefits.

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    • #3
      Re: What are the benefits of Long Term Care Insurance?

      Thanks for replying to this thread. I appreciate your efforts

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      • #4
        Re: What are the benefits of Long Term Care Insurance?

        Long term Health care insurance is does have some requirements... So you check whether your requirement is met with the long term one or not.

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        • #5
          Re: What are the benefits of Long Term Care Insurance?

          Long term care health insurance provides comprehensive coverage for any long term care services you might need in the future. This insurance product will take effect once the need for a number of daily living activities arises. Once you trigger the benefits of your policy, you can start claiming your benefits either on a daily basis or monthly basis. Your long term care insurance will pay for the long term care services you'll require.

          This is really beneficial for people who want to protect their assets and their family members once they start to receive care. This will give you a peace of mind as you receive care since you are financially secured and you are guaranteed to receive high quality care from caregivers or senior care facilities.

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          • #6
            Re: What are the benefits of Long Term Care Insurance?

            Originally posted by revacyrus View Post
            Could anyone please explain the benefits of Long Term Care Health Insurance?
            Other than tax matters there is the practical side in that with increasing longevity, one may well live to close to 100. It is nice to have such insurance to cover the costs of assisted living or other necessary long term care that can exceed $100,000 a year.

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