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If you or a loved one turns out to need long-term care, you don\u2019t want to see a big chunk of hard-earned savings go down the drain to pay for it.<\/p>\n
A long-term care (LTC) insurance policy can help. As a bonus, qualified LTC policies deliver some tax breaks. Here\u2019s what you need to know:<\/p>\n
How does LTC insurance work?<\/strong><\/p>\n Benefits paid under an LTC policy are usually stated as daily maximums, typically ranging from $50 to $500. You choose the benefit level appropriate for your needs, and you are reimbursed up to the amount chosen. An LTC policy with a monthly benefit reimburses you for a stated amount per month, regardless of how many days you receive care or the cost for those days.<\/p>\n You can buy an LTC policy with or without automatic annual inflation adjustments to your benefit maximums. Usually, the annual inflation-adjustment rate is 3% to 5%, and that rate can be compounded annually or not. Choosing a 5% compounded inflation-adjustment feature is more expensive.<\/p>\n While lower benefits naturally translate into lower premiums, don\u2019t get carried away with cost savings because long-term care can be expensive.<\/p>\n If you would like more info or a one on one conversation, please contact me from the links below.<\/p>\n <\/p>\n <\/p>\n <\/p>\n<\/a><\/h4>\nIndependent Insurance Solutions Provider<\/strong><\/h2>\n