Make Long Term Care Insurance a Part of Your Retirement Planning

We all like to stay carefree. But there is a catch here. Only when you have everything planned out carefully can you manage to be so. Thus, essentially being careful is a pre-requisite to being carefree. Well the point that we are trying to make here is that in our youth, when we are at pinnacle of our career, retirement planning is the last thing on our minds. But only those who tread carefully at such a time will be carefree and have the freedom to age gracefully and independently. To do this you have long term care insurance.

Unlike other insurances dealing with health and life, this one distinguishes itself by providing assistance not necessarily in some catastrophic situation but helps you cope with your basic routine. It has listed out some activities of daily living (ADLs) which are as simple as eating, going to the bathroom, walking etc. As you grow older, these are the things which you need maximum help with. Even though you may not be suffering from any disease in particular and do not require hospitalization as such, a simple bed rest and care may be recommended in your older days. In such a situation, you can’t claim health insurance as you are not sick literally. But to pay for a caretaker, you can avail your long term care insurance.

It is not necessary that hardships in activities of daily living emerge only with age. Many people less than the age of 65, who were struck down with a medical problem, became dependent on a caretaker, which their long term care insurance now pays for.

The premiums which you pay for your long-term care insurance will mostly be accounted for during income tax deduction. How much is deducted though is variable and is based on the age of the person. But the benefits that your long term insurance pays you needn’t be shown as part of your income.

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