Long-term care insurance requires the person to have the ability to look into their future and imagine the kind of care they may need and the cost, which sounds ridiculous but true. Long-term care insurance followed the pattern of most types of benefits by being offered much more frequently to employees of establishments with 100 or more workers (20 percent) than to employees in smaller establishments (3 percent). While 12 percent of workers in establishments located in metropolitan areas had coverage available, only 4 percent of their counterparts in nonmetropolitan areas were offered coverage for elder care in MN.

Long-term senior care insurance in MN isn’t the sole solution. Only one in five American can afford the long-term care insurance policy needed to meet their needs.And even if everyone purchased the best private coverage he or she could afford, Medicaid costs still would increase about fivefold by 2045. Long-term-care contracts issued after 1996 must meet specific standards for tax deductibility. If the policy is tax-qualified, you can deduct your premiums up to a maximum limit, according to tax laws (medical costs exceed 7.5% of your adjusted gross income, and you itemize deductions). Long-term care insurance can play a critical role in one’s complete financial plan. Not only will LTCI protect the business owner or key executive’s assets, but it can assure independence, personal dignity, quality and choice in one’s extended health care.

Long-term care is provided in a variety of settings — including one’s home, an adult day care center, an assisted living facility, and a nursing facility. Most long-term care is needed for a number of months up to many years. Long-term care is extremely expensive – the average rate for a semi-private room in a nursing home was over $50,000 per year in 2002. Long-term care services provided in the home costs about $26,000 per year. According to Paul Contris, most employees cannot afford that level of expense even for short periods.