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Why You Should Invest in Long Term Care Insurance

When it comes to the topic of insurance, it is likely that you have researched a variety of different insurance plans for your health, home and automobile. But, have you heard of long term care insurance? Long term care insurance is used in the event that you develop a chronic illness or become incapacitated, and helps organize your care and ensure you maintain your financial stability while staying safe. Here, the Maryland life and health insurance experts at Unity Insurance provide an outline of long term care insurance, and the benefits it can have for you and your loved ones. 

Long Term Care Insurance Can Provide Daily Assistance & Needed Relief 

While long term care insurance is often overlooked, there are many benefits to investing in this insurance for you or a loved one as they age. No one wants to think about dangerous or unfortunate scenarios for their elderly loved ones, but as they age, being proactive in a strategy to ensure they are able to live a safe and fulfilling life is a smart move. While long term care insurance does not usually cover direct medical expenses, comprehensive plans will generally cover day-to-day care for your elderly loved one, as well as additional care options such as nursing home costs, as well as physical, occupational or speech therapy. Obtaining long term care insurance not only gives your family peace of mind that your loved one is being taken care of, but allows your family and loved ones to feel confident that you are covered in the event that you face an emergency or unexpected incapacitation. 

When You Should Consider Long Term Care Insurance 

While long term care insurance is a great resource, that does not mean it is for everybody. You and your family should conduct thorough research, and weigh your options before pursuing long term care insurance. The good news is, our team of knowledgeable insurance professionals at Unity Insurance has decades of experience in long term care insurance, and can help you find the perfect plan to suit your family’s unique needs. When considering long term care insurance, many policies use the “activities of daily living”, or ADLs as a consideration. If you are unable to do at least two of the following, you may be eligible for long term care benefits. 
  • Bathing,
  • Caring for incontinence, 
  • Dressing, 
  • Eating, 
  • Getting on or off the toilet, 
  • Transferring in and out of a chair. 

Seeing as an adult turning 65 has a 70% chance of needing long term care in the future, and 20% of those people will need it for 5 years or longer, seeking out long term care options can help you save time and money, as well as alleviate stress. Finally, in certain circumstances under “tax-qualified” long term care plans, you may be eligible for tax deductions. Depending on your age, income and insurance plan, certain insurance premiums can count as medical expenses, which are tax deductible if they meet a certain threshold. 

Consult with Long Term Care Insurance Experts at Unity Insurance 

If you are considering long term care insurance options and don’t know where to start, let the professionals at Unity Insurance assist you. Our team has extensive experience in insurance coverage, including long term care coverage, and works with you and your loved ones to find a plan that is perfectly catered to your needs. We know that the insurance process can feel overwhelming, and with so many minute details to understand, having a group of experts by your side can help you feel comfortable and confident. 

Unity Insurance will be hosting a free webinar on Wednesday, October 21st, from 6:30-7:30 PM. We will cover topics including financial planning, program basics, insurance costs, short term care and home health care to help you adequately prepare for the unexpected. To register for our webinar, click here. To see how Unity Insurance can help you with additional insurance needs, click here