Obtaining Long Term Care Insurance in South Carolina

The cost of long term care all over the country is steadily rising and this is no different in South Carolina. Because of this, it is but a wise thing to do for a resident to prepare for such need by purchasing long term care insurance. One important thing to remember is that long term care is quite different from medical care. This is because the former requires assistance in performing daily activities and tasks, such bathing, eating, dressing, even going to the bathroom. Typically, long term care is provided in specialized settings such as nursing homes, assisted living facilities, adult day care centers, and hospices. Care can also be obtained right at the home, with the help of a home health aide or a registered nurse. Though Medicare may pay for part of the services needed, only long term care insurance pay for comprehensive services while preserving all other assets of the policyholder. Medicare plans do contain coverage for long term care, though only a specific demographic group is eligible to this program. Typically, long term care insurance pay a fixed amount in a daily or monthly basis to pre-approved long term care facilities or approved caregiver for a specific period of time. Before purchase, consumers are often encouraged to seek advice from their financial planners in order to determine which type of long term care insurance product will give out the most benefits.

There are several types of long term care insurance products available in South Carolina and one of the challenges faced by consumers is determining the exact type of care needed in the future. Some insurance products are purchased from private insurance companies while some are also available through groups or associations. There are also life insurance policies that might carry coverage for long term care. To get the best suited product available, the potential policyholder and his family should shop around and do some research as to which company can be relied upon to remain financially stable to meet their needs. It would also be good to determine the extent of coverage offered, the type of facilities in which the policyholder can be put into, the premium rates, and the presence of exclusions, if any. A quick check with the South Carolina Department of Insurance will also yield valuable information and insights on the operations and stability of a preferred insurance provider. It would also be good to read reports and analysis made by companies that offer rating services for insurance companies in a particular area.

There are also long term care insurance policies that contain provisions for pre-existing conditions. To reduce their assumed risks, insurance providers might implement a period, usually six months to a year, in which these conditions will not be covered by the policy. Though not considered a reasonable ground for rejecting an application, there is still a possibility that insurance providers will impose higher premium rates on policyholders with pre-existing conditions such as Alzheimer’s disease and dementia.

Long term care plans can also be classified as tax qualified or non-tax qualified. For tax qualified plans, the benefits obtained by the policyholder is not considered an income and is therefore not taxable. However, benefits from non-tax qualified long term care plans are deemed taxable. Consideration of this aspect might help a potential consumer to decide which policy to purchase. Additionally, there are also long term care plans that allow part of the premiums to be deducted from the taxable income. Some long term care insurance policies also carry inflation guards, which is applied to adjust benefits according to inflationary costs. This inflation guard will benefit consumers who wish to protect their remaining assets and those who have no extra financial resources to pay for added costs in the future.

We help our South Carolina customers in Columbia, Charleston, North Charleston, Greenville, Rock Hill, Mount Pleasant, Spartanburg, Sumter, SC and other cities in the Palmetto State lower their premiums and save money on all types of insurance. Use the form above to find low cost auto, homeowners, health, medical, life and long term care insurance. Using our South Carolina insurance agent and broker network, you can easily compare rates from multiple insurers.

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