Is Long-Term Care Insurance Right for You? Key Considerations

ARTICLE | July 10, 2024

Authored by Vasquez + Company

As life expectancies increase, the likelihood of needing long-term care rises. This article explores the necessity and benefits of long-term care insurance, offering peace of mind by protecting your assets from being wiped out by nursing home costs. It outlines what long-term care insurance covers, its potential tax benefits, and important policy features to consider.

Key Points

  • Rising Need: Longer life expectancies mean more people may require long-term care.
  • Coverage Gaps: Health insurance and Medicare provide limited coverage for long-term care, while Medicaid requires depletion of most assets to qualify.
  • Policy Features: Look for policies with adequate benefit amounts, inflation protection, and coverage for various types of care without restrictive requirements.
  • Tax Benefits: Limited tax deductions are available for premiums, and benefits from qualified policies are generally tax-free.

For more information, read the full article here.