Long term care insurance policy, as stated by many people are hugely priced. They sometimes claimed it overpriced, but there are certain benefits which are more than excellent. Let us discuss some of those benefits in a brief .
The advantages/benefits of long term care insurance policies are :-
- Safeguarding and preserving your valuables and assets for your family and loved ones.
- It help to eliminate the need for depending on the near ones for any financial or physical need at the elderhood.
- It also help the family to be free from care giving job, resulting them to spend more time with quality purposes with you.
- Professional look after and care are availed.
- There are variety of customisation available which helps you to choose multiple and appropriate benefits for you as well as for your family.
- It also avails you daily benefits & care.
- It increases the benefits in a yearly/annual basis providing you an option for inflation protection.
- Income tax is not deducted or charged upon the premiums of long term care insurance policy. The profits & benefits which are received from long term care policy are not counted as an income generally
- While using a combined or hybrid or policy you can customise your premium payment whether it will be a one time basis or you can also set it at a duration of two to ten years basis.
- Another benefit of hybrid policy is that they will return the premiums paid by you in case the long term care insurance policy taken by you is not put into use.
- Long term care insurance provide a variety of services to choose from. It makes your choice flexible and easy to choose from. It covers home care services to nursing services for all you daily needs as well as for special cares.
- The premium rate and cost of ltc in some company or providers are lesser than others providing you with an option for less deduction and careful retirement planning.
- Long term care secure your retirement life in a complete hassle free way.
Therefore, we can deduce that the long term care insurance policy have a multiple benefits which are really essential now days of growing self dependency. The graph for the need of ltc services and insurance is continuously moving upwards due to this reason. Long term care policy is a good supportive companion for your retirement life.