Long term care insurance provides individuals with a tax free benefit in the event that they would require assistance with 2 of the 6 activities of daily living. Activities of Daily Living include toileting, transferring, bathing, eating, dressing, maintaining continence. Depending on the plan purchased, the proceeds received from a long term care policy can pay for care in a nursing home or facility, or to pay for home care within the client's residence. Long Term Care insurance plans can help prevent individuals from depleting their retirement savings or selling their home or other assets under duress due to unplanned medical care expenses.
There are several types of Long Term Care plans available. Some policies pay a monthly amount to the client requiring proof of expenses; some will pay the monthly amount without proof of expenses; and some offer the client access to a pool of funds up to a policy maximum. The best way to determine the most appropriate Long Term Care for your needs is to contact a broker familiar with these types of plans.
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