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Long Term Care Insurance FAQ

Long term care insurance FAQ are a convenient way to find the information you seek about long term care insurance. FAQ, or frequently asked questions, are those things most commonly asked about this little known type of insurance and is in an easy to follow format. The most popular FAQ is "how much does it cost?", but the answer is not given here because of all the variables involved. By using a free online quote tool like the one at the top of this page, you will get your own customized answer to this long term care insurance FAQ.

Long Term Care Insurance FAQ # 1 Do I Need Long Term Care Insurance?

Long term care insurance is for those who have financial assets they would like to protect and do not want to burden their family with the cost of any long term care. If your net worth is relatively low or you are presently on Medicare, you do not need to even consider this type of insurance.

Once you have exhausted your financial assets, Medicaid will provide for your long term health care needs. If paying for premiums on a long term care insurance policy makes it difficult for you to meet other financial obligations, then you should probably not even consider it.

Long Term Care Insurance FAQ #2 When Should I Buy Long Term Care Insurance?

Long term care insurance will be paid throughout the rest of your life until you need it. Unless you have a family history of early onset debilitation, you need not to consider such coverage until you reach the age of 55. Even though accidents or disease may occur earlier than that resulting in the need for long term care, in reality your chances are much higher after a certain age of needing this type of insurance. Some people even wait till later than 55 to buy such a product.

Long Term Care Insurance FAQ #3 Do I Have Any Options If I Am Finding It Hard To Obtain Long Term Care Insurance?

If you are finding it hard to obtain long term care insurance on an individual basis, you may want to look into a group plan through your employer. Usually individual underwriting is not done and therefore you will probably be accepted much more quickly than otherwise.

Long Term Care Insurance FAQ # 4 Are There Any Tax Breaks With This Type of Insurance?

There are 2 types of long term care insurance policies when it comes to tax consideration. One is called non-tax qualified or NTQ and the other is tax qualified or TQ. NTQ is the type of policies that have traditionally been sold and involve a medical necessity trigger for benefits to be paid. The tax laws concerning this type of policy are not set and those benefiting from it may have a tax bill to contend with later. TQ policies have more set standards of when benefits kick in and the medical conditions must be met, in which case benefits are tax-free.

After Long Term Care Insurance FAQ, Get Quotes

Now that you have perused the answers to this comprehensive long term care insurance FAQ, you are ready to get quotes and find out exactly what the bottom line means for you. To get a variety of quotes from top long term care insurers, go to the quote tool box at the top of this page to get started.

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