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Long-Term Care Insurance Questions
- What is long-term care insurance?
- Insurance to help cover the costs associated with taking care of someone because of a prolonged illness or disability. However, policies may or may not cover home health care, adult care or other alternative services.
What is the difference between a qualified and non-qualified plan? - Benefits paid by a qualified long-term care plan generally are not taxable as income. Benefits from a non-qualified long-term care plan may be taxable as income. Check with you tax advisor about the possibility of deducting 100 percent of your premiums paid in addition to the individual tax consequences involved.
Who pays for long-term care?
- You do. Medicare only pays for short-term stays. Medicaid may pay if you are qualified for government assistance after spending down most of you assets.
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