Discover the Importance of Long-Term Care Insurance in Westport CT
The purpose of long-term care insurance is to help families pay for the extensive care their relatives will need in the event that they can no longer care for themselves. This type of insurance in Westport CT pays for the services that people will find that Medicare, Medicaid and private health insurance plans do not necessarily cover. In the event that these services are ever needed, family members are highly appreciative that their relatives planned for them with long-term care insurance.
When Long-Term Care Coverage Applies
Once people become debilitated, they can no longer dress themselves, bathe themselves or perform any of the grooming procedures they had in the past. They need constant care throughout the day and may even need it on a 24-hour basis. In some cases, they may need to be placed in a living facility where they can obtain the constant care they need.
The type of insurance in Westport CT that can pay to have someone come to the home and care for those who are unable to care for themselves is long-term care insurance. This insurance will also pay for live-in facilities that the patient and their families would need to pay for with their savings. Those who have this valuable insurance in Westport CT will be able to keep their savings intact because the policy will pay the bills.
Who Needs to Consider Purchasing Long-Term Care Coverage?
Anyone of any age can consider purchasing this insurance coverage because anyone can become incapacitated at any time. People generally think about old age when they think of someone needing constant care but this can happen even when people are in their younger years. A majority of the people who need long-term care are over the age of 65; 60 percent of those requiring long-term care have already celebrated their 65th birthdays.
The other side of this coin is the fact that the other 40 percent are those between the ages of 18 and 64. Young people can experience an accident that causes them to become quadriplegics, for example. These people also inhabit skilled nursing facilities that require payment for several years to come.
Insurance companies determine how much they will charge for premiums based on these six considerations:
1. The applicant’s age
2. The amount of the benefits to be paid
3. The length of time the benefits will need to be disbursed
4. The policy’s elimination period
5. Expected inflation rates
6. The current state of the applicant’s health
Encouraging the Purchase of Long-Term Care Coverage
People often avoid purchasing this type of insurance in Westport CT because they do not want to pay the premiums that can be expensive. One way that the U.S. government has encouraged people to buy this type of coverage is to make the premium tax-deductible on the policyholders’ income tax returns. Whether or not the premiums will be tax-deductible will depend on the age of the policyholders.
The important thing to remember is that health insurance policies do not necessarily cover the care needed when people are too incapacitated to perform the activities of daily living (ADLs). If they were required to pay for these services on their own, they may end up completely depleting their savings. If people also consider the fact that a debilitating event can happen at any age, they will see the value in obtaining this insurance in Westport CT for their own and their families’ protection.
To find an insurance provider in Westport CT, visit the following link: http://www.elocalprofiles.com/m/westport-ct-insurance/