Nursing home insurance
http://longtermcareinsurancecosts.org/nursing-home-insurance
Some care needs to be taken while purchasing such a policy. You should request at least a couple of nursing home liability insurance providers to submit their quotes. (Long-term care quote is often abbreviated as LTC quote, so do not be confused by their terminology). One can find this information online. Secondly, just ensure that you are purchasing nursing home insurance policy that allows for tax qualification. Not just tax deductions on your premium, but also nil taxes on benefits should be available too. Else, you risk facing a huge tax bill from the income tax department. Most insurance firms sell tax-qualified polices. Yet there are specific advantages of policies that do not qualify for taxes. For instance, fewer limitations on when an individual can receive reimbursement. Your agent should guide you on this detail. It is advisable to ask for guidance on this point; you should weigh up the benefits and disadvantages of both. Commonly, people are unaware that such an option exists. Thus, before you purchase long care insurance, you will need to do some research on possible tax bills you may face versus more benefits of a non-tax qualified assisted living insurance.
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