Long Term Care Insurance Policies
Long term care insurance is an insurance that provides for certain benefits over a longer period of time that are either not covered by traditional insurance, or have a limited time frame in traditional insurance. Long term care is needed by those that cannot perform basic daily functions themselves, such as bathing, eating, dressing, or brushing their teeth. It is also encouraged for those who are a potential fall risk or are a danger to themselves, such as those who might turn on the stove and forget. Long term care insurance is typically needed by the elderly and those with special needs. Long term care insurance covers many things, including hospice care, home healthcare, nursing home care, and respite care. The two types, tax qualified and non-tax qualified, both cover different ranges of patients. Tax qualified is the most common, and a person must require ninety days care or more and have trouble with two or more daily functions to activate the insurance. Tax-qualified insurance is not taxable. Non-tax qualified insurance is taxable, and can be activated by any doctor at any time as long as a patient struggles with at least one activity of daily living. It is important to have long term care insurance before it is needed, as policies may not be available after.