Florida Long Term Care Insurance FAQ
Your search for Florida long term care insurance will bring many questions to mind. Finding the answers to these questions could lead to a long, exhaustive search of various websites and publications, not to mention phone calls to long term care insurance agents. The goal of this article is to help you with some of the most common questions that consumers have as they search for Florida long term care insurance.
1. What are the Qualifications for Florida Long Term Care Insurance?The qualifications for Florida long term care insurance are not set in stone. First, you simply have to be within a certain age range. Most Florida long term care insurance providers will not underwrite a policy for someone who is under the age of 18, nor for someone over the age of 85. You also have to be reasonably healthy. If you have already been diagnosed with Parkinson's disease or Alzheimer's disease, you will probably not be able to get Florida long term care insurance. Minor ailments will not keep you from being approved for long term care insurance, but they may put you into a higher risk category and increase the cost of the insurance.
2. How do I Qualify for Florida Long Term Care Insurance Benefits?With your Florida long term care insurance policy in place, you have to consider the circumstances in which you have to use it. Your policy will kick in based upon a doctor's diagnosis that you are unable to perform a number of necessary daily activities. Most long term care insurance companies have a list of 7 daily activities, such as bathing and eating, that if you cannot perform you will be in line for long term care insurance benefits. It is important to get a policy in which it takes the inability to perform only 2 of these benefits to initiate your Florida long term care insurance. At this point you will have to make it through your waiting period and then you will begin to receive your long term care insurance benefits.
3. Is Florida Long Term Care Insurance Tax Deductible?A portion of the money you spend on long term care and Florida long term care insurance can be deducted on your taxes if it is a tax-qualified policy. There is a 7.5 percent floor for medical expenses contained in the federal tax code. Depending upon your age, you can deduct a certain amount of these expenses from your taxes. This amount changed for 2009 and may change again for 2010.
4. Do Women Have to Pay More for Florida Long Term Care Insurance?In general, yes, women do have to pay more for Florida long term care insurance. The reason for this is because of the increased life span for women. Because women, in general, live longer than their male counterparts, there is the increased risk that they will need long term care services. However, if you are a woman and keep yourself healthy with a balanced diet, exercise and regular doctor check-ups, you can get affordable Florida long term care insurance.
5. Do I Need Florida Long Term Care Insurance If I Have Medicaid?It depends. Medicaid will pay a portion of your long term care services if you meet their strict requirements concerning your income and assets. Even if you do meet the low income and asset requirements, you may not have access to the facilities that you desire, there may be restrictions on the type of care you can receive as well as when you receive it. Medicaid is designed for those who cannot afford long term care or long term care insurance which limits those who may qualify. Also, it is restricted by governmental budgets that fluctuate and can severely limit the quality of care you can receive. Again, it may only pay for a portion of your long term care needs, leaving you still responsible fore any leftover expenses.
You should never agree to any Florida long term care insurance policy with any questions left unanswered. If this article did not answer all of your questions, use the free quote engine at the top of this page to receive customized quotes from competing agencies and talk with a Florida long term care insurance representative so you can fully understand your policy before purchasing. |
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