INSURANCE

There exist certain policies to cover the wants of folks wanting special care. This category might include folks disabled due to old age and others who are not capable of surviving on their own due to diseases like Alzheimer’s and Parkinsonism. These people need help to perform the basic of routine chores. An answer to their problems appears in the form of a long term Care Insurance policy. This is a unique form of insurance available in the US.

Benefits from these insurance can be availed in numerous forms. Adult day care facility, short term care for the patient, surgery or care home care, special care for Alzheimer’s and least of all home care are a selection of the specialised services covered.

The patient has entitlement to claim the insured amount from the first day of the recruitment of troubled staff. This policy allows the appointing of a care giver to stay with the patient. It also pays for the trips of a consultant, nurse, companion, housekeeper etc for one or two hours everyday. Even a short stay by them is funded. One need not dig deep into the lifetime savings of the family to cover all expenses of the invalid person. This could in fact prove to be very expensive. Hence a long term care policy really is a better option.

Premiums become suitable for all sorts of income tax deductions. The age of the person is the decisive factor in deciding the deduction rate. Any benefit received is not treated as revenue in any way. In case a group insurance has been taken out by an organization for its employees, then there is 100 pc relief. Another virtue of this policy is its Inflation adjustment scheme which again raises the value of its premium. This protects the value of the policy in times of recession.

Security – The sense of security is far greater in case of the insured person requiring help. While a health policy may finish up using up savings and possibly the person or his family might have to mortgage their place but once a person goes to a nursing facility, he is unlikely to be asked to leave. There are enough laws to prevent nursing facilities from doing so.

There’s another convenient option available for the insured. To claim the insurance amount in small payments on a daily basis. Be sure to pay special consideration to the premium because there is a chance for the premium to rise accordingly with high daily allowances.