If you're looking to supplement your health insurance with a long term care, or LTC, policy, then you want to explore all your options. Doing a thorough comparison between different companies can help you find the best benefits and the lowest premiums for you. Sometimes, however, your best bet may be a federal program. Federal and state government programs may work for you. This long term care review can help you decide.
One place to look for federal long term care insurance is government health care plans. Unfortunately, Medicare does not usually extend its benefits into LTC, but Medicaid does. Medicaid covers some or all of the cost for long-term care, whether you are in an assisted living facility or receiving care in the home. Not everyone can qualify for Medicaid however. Medicaid is designed for low-income families, but the coverage and qualifications vary from state to state. So people living in California may have different options from those in New York or Texas.
PACE, which is a part of Medicare/Medicaid is another program that will offer support for long-term care. Again though, not every state offers PACE. The internet is a good resource to find out which of these programs are offered in your state, and what the requirements for joining are.
There is another federal long term care insurance option available for veterans. The VA runs not only hospitals, but nursing homes as well. Veterans can receive long term care at a VA-run nursing home or hospital. One downside with this option is that some VA facilities have a wait list.
Federal government employees and postal workers are offered the option to get coverage under the Federal Long Term Care Insurance Program, or FLTCIP. Certain relatives may be eligible to apply as well. If you qualify, you can get reduced group rates for insurance provided by MetLife and John Hancock. Even if you change jobs, you can keep your federal LTC insurance.
The FLTCIP offers a number of features, especially if your caregiver is a family member. You can receive funds for training that friend or family member, and if they need a vacation, you can get temporary assistance. Also, it may be one of the best choices for soldiers, because there are no restrictions on coverage if your need for care arises from injuries sustained in a war.
There is one way the federal government helps out everyone, under any policy, and that is on your taxes. If you're receiving benefits for care, they are not taxed. Additionally, premiums for insurance may qualify for a tax deduction. The amount that is deductible is changed frequently, and not all policies may benefit. You can find a list of policies that qualify on the internet, or you can ask your provider. Talking to your accountant is another great way to find out how much you can deduct.
There are a number of federal long term care insurance programs out there. Even if you don't qualify for government insurance, you can benefit from the tax deductions that are available. Federal long term care insurance programs may not be available for everyone, but it's worth it to take the time and find out what may work for you. And you can get a free long term care insurance quote to help with your research.
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