As I have mentioned in earlier posts it is important to stay in control of your insurance policies and products. If you do not know what you need or how much of various insurances that you need then chances are your insurance agent is going to talk you into buying too much of the wrong coverage. As an intelligent adult you have the ability to protect your money by simply understanding what insurance you need and what options are simply gravy.
Before you purchase long term care insurance you need to review all of your other disability and health insurance policies, including your Medicare or Medicaid insurance policies. In order to be tax deductible your long term care health insurance cannot duplicate coverage offered by another policy. You also do not want to duplicate coverage because it is a waste of money.
If you are having a hard time identifying what coverage you have and what coverage you do not have then I recommend developing a spreadsheet using Excel or another spreadsheet software program. The far left column will list each of the health insurance policies that you have. The columns to the right will each be labeled with coverage options. As you read through your policies you can simply check the boxes off. After you are done you will be able to see what coverage you have and you will also be able to use this spreadsheet checklist to determine what long term care insurance coverage you still need.
As they begin their applications for Social Security Disability benefits, most individuals don’t realize how lengthy it could take them to receive an approval. Between the system’s backlog and the increased quantity of applications received daily, the Social Security Administration has their hands full. In order to make their way via as many applications as feasible, and not add to the backlog, individuals reviewing the applications are exacting in their requirements.
Reviewing your long-term care insurance is essential if you want to make sure that you are getting the best deal for the most competitive prices.