Term Care Insurance Normally Cover Not Cover

There are two types of long term care plans: tax qualified and non qualified. Both plans pay out tax free benefits; however, owners of tax qualified plans can deduct premium payments if they exceed 7.5 percent of their adjusted gross incomes. Premium payments are not deductible under non qualified plans. Long term care benefits are triggered once the insured person needs help with activities of daily living, which are transferring, dressing, bathing, continence, toileting and eating. Benefits under tax qualified plans are triggered when the insured person needs help with two or more activities of daily living while some non qualified coverages may not have activities of daily wholesale jerseys living assisted requirements for benefits to be paid.

Many types of care and services are covered under long term care policies. These services, which are provided in the insured person’s home, include skilled nursing care; housekeeping services; meal preparations; occupational, physical and speech therapy; hospice; and respite care. Services provided in nursing homes, assisted living facilities, and adult day care centers are also covered. Home remodeling projects, transportation expenses and equipment purchases may be covered under long term care plans.

Long term care plans come with many exclusions, which are listed in the policies after they are purchased and in the Outline of Coverage handed to individuals before they apply. Some of the exclusions are care or services for drug addictions and alcoholism and from injuries that are self inflicted or from suicide attempts or war. These plans also don’t cover services performed outside the United States, in government facilities, or by family members who are not trained or licensed to provide care.

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