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It is nearly impossible to anticipate every medical need that a person will require as they grow older in Denver. However, many people end up needing long-term care as they age, either due to a cognitive or physical illness. The cost of such care can be extremely expensive and that is why some companies offer insurance policies that help offset some of those costs. Here is an explanation of what long-term care policies cover and some potential benefits they might provide.
According to AARP, the benefits from a long-term care policy will only kick in once a person is unable to perform certain daily activities to care for themselves. The policy may offer different levels of payment for different situations. For example, a person may receive a certain benefit per day if they live in a nursing home but receive a smaller daily benefit if they receive care at home.
In order to qualify for an affordable long-term care policy, consumers should consider applying before they reach advanced age and have no major medical problems. Policies may be available for older individuals; however, they will likely come with much higher premiums.
NerdWallet points out that purchasing this type of insurance may have some financial advantages. For one, the cost of the premiums is tax deductible. As a person gets older, the amount that is deductible increases. In addition, many older people rely on their retirement accounts or savings to support themselves financially. Long-term care insurance can help people protect their money from being depleted in the event that daily care becomes required.