4 Unexpected Benefits of Long-Term Care Insurance
Therapies
Long-term care insurance may also cover the cost of alternative therapy options that aren’t typically covered as part of a health insurance policy. This may include acupuncture, massage therapy and other holistic approaches.
Transportation services
If you need help getting back and forth to your doctor, therapist or other places of care, a long-term care insurance policy could help with the trip.
A Death Benefit
Long-term care insurance can provide benefits beyond your care. For example, some policies may come with a death benefit that’s paid to your beneficiaries when you die. These policies, known as linked-benefit long-term care insurance policies, give you long-term care insurance coverage should you need it and a death benefit if you don’t. This isn’t a one or the other concept. With some linked-benefit long-term care insurance policies, you may be able to use a portion of your benefit for care and leave a portion of your benefit behind as a death benefit for those you love when you die.
Cash benefits
Long-term care cash benefits policies can provide a monthly cash benefit that may be used for other purposes. The flexibility allows policyholders to use funds for household expenses, travel, groceries, etc. So, this cash benefit can make it possible for you to hire a landscaping company when you’re not able to maintain your lawn anymore or hire a maid from time to time to help keep your house clean or cover any unlimited number of potential expenses later in life. Most likely, cash benefits may be tax free if the daily expenses don’t exceed $420 according to IRS code.
Always use the services of a Certified Long-Term Care Specialist, like me, to fully understand what you are buying. Schedule a call today to learn more about the four unexpected benefits of Long-Term Care Insurance: www.calendly.com/jimbetter. Find more resources in our blog.