Over 99% of long-term care insurance policies sold today are tax-qualified,* which means the way to get a claim paid is the same as it is Federally controlled in order for the premiums to be tax-free according to IRS guidelines and enjoy other tax incentives. Just like you can need care physically or mentally, you can trigger the benefits in one of those two ways.
Category Archive: How Does Long-Term Care Insurance Work?
There are many protections for consumers in today’s long-term care insurance policies.
The following is an abbreviated section from my book The ABC’s of Long-Term Care Insurance – keepin’ it REALLY simple for you, folks! To simplify the benefit selection process, there are six major choices that impact a premium. Here is each choice and a recommendation. 1a) Daily or Monthly Benefit – Look at the average …