Page 6 - QCHR.18 WhatYouNeedtoKnowAboutLTCI

3 ways to get

coverage

Through an insurance Buying through work can save you as you might with an individual
professional. Working with a the time of researching many policies policy. Also keep in mind that with
1professional who specializes in because your employer will have employer-sponsored coverage,
long-term care insurance provides done that work for you. If you’re not your choice of policy features may
you with a lot of flexibility and in perfect health, buying a policy be limited because some offer only
personal guidance. An insurance through work may make a lot of sense certain options. Pros: Pre-selected
professional can help you shop since you may be asked fewer health- plans from which to choose. Direct
around for the best policy among related questions in order to qualify for billing. No gender based pricing.
multiple insurance companies, and coverage. However, if you’re healthy, Easier to enroll and qualify.
customize a plan to include the you’ll often pay the same price as Through associations or
combination of features and benefits everyone else in your general age membership groups. Policies
that works best for your needs and range, which means you might not 3may be offered through
budget. If you’re in good health, you get rewarded for your good health, alumni groups, trade groups and
may qualify for preferred pricing. other organizations to which
That’s because the policy will be you belong. Premiums are often
individually underwritten, meaning discounted and are based primarily
the insurance company will base its on your age and health. The plans
price on your health history. Pros: they offer could look a lot like
Flexibility, personal guidance. Custom individual plans offered through
solution. Good health discount may a professional, or similar to plans
be available.
offered though employers. Either
Through your employer. This way, you will generally work with
is a convenient option because a specialist to help you understand
2you often can pay your your options and enroll. Pros:
premiums through direct billing. Discounted pricing.

Take Advantage of Government Incentives

To encourage more Americans Federal tax incentives: If you buy a federally qualified
to take responsibility for their future policy (and most policies are), your insurance premiums
care needs, the government has may be deductible as part of your medical expenses on
developed a variety of incentives to federal tax returns and benefits are received tax-free.
reward those who buy long-term State tax incentives: A majority of states have a state
care insurance. Here are some you tax incentive for residents who purchase long-term care
should know about.
insurance.
Partnership programs: Long-term care insurance Incentives for business owners: There are also tax
partnership programs are designed to encourage advantages for businesses that buy long-term care
consumers to buy private long-term care insurance, which insurance. Premiums for tax-qualified policies paid for
will help you avoid spending down most of your assets to employees, their dependents, spouses and retirees may be
qualify for Medicaid-sponsored long-term care. Over the tax deductible as a business expense.
long haul, these partnerships between states and private Make sure to consult with your tax advisor to fully
insurance companies save money for both consumers and understand which tax benefits may apply to your particular
the government. Programs vary by state, so talk to your situation.
insurance professional about how this could apply to you.
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