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New Delhi, Premium paid for insurance policies purchased between October 12, 2020 and March 31, 2021 by <keyword id="772729" type="ORGANIZATION" weightage="20" keywordseo="Central-government-employees">central government employees</keyword> will be eligible for reimbursement under the <keyword id="10092993" type="UNKNOWN" weightage="20" keywordseo="LTC-cash-voucher-scheme">LTC cash voucher scheme</keyword>. Issuing the third set of FAQ, the Department of Expenditure under <keyword id="1549446" type="COMPANY" weightage="20" keywordseo="The-Finance-Ministry">the Finance Ministry</keyword>, also clarified that for purchases of goods like cars, employees can submit self-attested photocopy of bills instead of original bills as proof for availing the benefit under the scheme. <br /><br /> On October 12, the government announced the LTC cash voucher scheme under which employees can purchase any goods or services with GST rate of 12 per cent or above to avail the benefit. The payments for such purchases have to be made via digital mode or cheque or demand draft or NEFT/RTGS. <br /><br /> So far, employees had only Leave Travel Concession (LTC) benefits on travels made, or else they had to forgo the amount. <br /><br /> <keyword id="9888537" type="COMPANY" weightage="20" keywordseo="the-expenditure-department">The Expenditure Department</keyword> said payment of premium for existing insurance policies would not be covered under the LTC cash voucher scheme. <br /><br /> "However, payment of premium for insurance policies purchased during the period between October 12, 2020, and March 31, 2021, is eligible for reimbursement under the scheme," it said. <br /><br /> Vouchers/ bills for availing the benefit under the scheme has to be submitted on or before March 31, 2021. <br /><br /> Regarding submission of bills by employees who would superannuate before March, the Expenditure Department said, "vouchers/ bills should be submitted and settled before the date of superannuation". <br /><br /> On whether an employee would be required to submit original bills for purchase of cars as the same may be required for claiming its warranty and ownership, it said, "self-attested photocopy" would suffice. <br /><br /> "However, the original bills may be produced on demand for information," it added. JD RAM

Under the LTC cash voucher scheme, you can seek reimbursement for insurance premium paid between Oct 12-Mar 31

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The central government has relaxed the norms of Leave Travel Concession (LTC), and will now reimburse full train fare of tickets bought for children aged between five and 12 years.<br />
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The move has come after Department of Personnel and Training (DoPT) received several references, when various ministries sought clarification about the reimbursements of these fares.<br />
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After consulting with Department of Expenditure and Finance Ministry, it was decided that for children in government employees’ family, aged from 5 to 12 years, the actual rail fare shall be reimbursed for LTC.<br />
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Earlier, Railways had decided to charge full fare for children in this age group, for whom full berth or seats were sought at the time of reservation. However, if a berth or seat was not sought at the time of reservation, then half of the adult fare was to be charged. <br />
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<a href="http://images.financialexpress.com/2016/02/railway-budget-2.jpg"><em>Image source</em></a><br />

Government employees will now be reimbursed for full rail fares for children between 5 to 12 years

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Kentaroo Tryman/Getty</span></p><p class="caption">Long-term care insurance can help minimize the costs of healthcare late in life.</p></div><p></p></div></div></p><ul class="summary-list"><li><a href="https://www.businessinsider.com/aging-baby-boomers-raise-risk-long-term-crisis-not-ready-2019-8">Long-term care</a> comes at a huge cost to many retirees living in the US.</li><li>Long-term care insurance covers costs related to in-home aid, assisted living facilities, and nursing home care, which aren't covered by <a href="https://www.businessinsider.com/category/medicare">Medicare</a>.</li><li>If you think you'll need help paying for long-term care, it's recommended to buy a policy between ages 52 and 64 to secure the best rates.</li><li>Long-term care insurance usually kicks in anywhere from 30 to 90 days after eligibility is confirmed and will pay a daily benefit amount up to a maximum number of days or amount of money.</li><li><a href="https://www.businessinsider.com/yourmoney?utm_source=bullet">Read more personal finance coverage.</a></li></ul><p><a href="https://www.businessinsider.com/healthcare-in-retirement-overlooked-costs-medicare-2019-4">Healthcare</a> is the largest expense most retirees face.</p><p>Medicare doesn't cover everything, <a href="https://www.medicare.gov/coverage/long-term-care">including most long-term care needs</a>, so many Americans are forced to drain their own savings, lean on family and friends, or use private insurance to afford daily assistance if they need it.</p><p>As of 2016, a semi-private room in a nursing home costs, on average, $6,845 a month, according to <a href="https://longtermcare.acl.gov/costs-how-to-pay/costs-of-care.html">the US Department of Health and Human Services</a>, while a completely private room will set you back about $7,700 a month. A one-bedroom unit in an assisted living facility costs around $3,630 a month and an in-home health aide charges about $20.50 an hour, on average.</p><p>Even if these costs seem manageable at face value, they can add up tremendously. Researchers from <a href="https://aspe.hhs.gov/basic-report/long-term-services-and-supports-older-americans-risks-and-financing-research-brief">the Urban Institute estimate</a> that more than half of Americans over age 65 will develop a disability that requires long-term care for two years or less at an average total cost of $138,000. About one in seven adults, they found, would need care for more than five years.</p><p>Long-term care insurance can help minimize these costs.</p><h2>What is long-term care insurance?</h2><p>Long-term care (assistance beyond 100 days) is generally <a href="https://www.medicare.gov/coverage/long-term-care">not covered by Medicare</a> because it's considered custodial care and not medical care. While Medicaid does cover long-term care for millions of Americans, there's an exceptionally low income threshold to <a href="https://longtermcare.acl.gov/medicare-medicaid-more/medicaid/medicaid-eligibility/index.html">qualify</a>.</p><p>Long-term care (LTC) insurance can help retirees who don't want to <a href="https://money.usnews.com/money/retirement/baby-boomers/articles/how-a-medicaid-spend-down-works">spend down their assets to qualify for Medicaid</a> afford the cost of an in-home caretaker, or a stay at an assisted-living facility, skilled nursing facility, or nursing home.</p><h2>How does long-term care insurance work?</h2><p>Like all other forms of <a href="https://www.businessinsider.com/what-insurance-do-i-need-every-age">insurance</a>, once you buy an LTC policy and begin paying the monthly premium, you become entitled to the benefits.</p><p>Coverage on most LTC insurance policies kicks in once the policyholder needs help with two or more of the six Activities of Daily Living (ADLs): eating, bathing, dressing, transferring, using the toilet, and maintaining continence. Severe cognitive impairment that increases the policyholder's health and safety risk also qualifies.</p><p>Each policy has an elimination period, which states the number of days the insured must wait to receive benefits after the insurer determines they're eligible. A typical elimination period is 30, 60, or 90 days.</p><p>The amount of money the policyholder will be reimbursed for is known as the daily limit. This is outlined in the policy and usually around $150 a day or more. The insurer will continue paying the daily benefit up to a maximum number of days, typically a period between two years and 10 years, or up to a specified amount of money.</p><h2>Who needs long-term care insurance?</h2><p>It's difficult to know whether or not a person will need long-term care in their later years, just as it's impossible to predict whether a person will ever need to draw on the benefits of <a href="https://www.businessinsider.com/what-does-homeowners-insurance-cover">homeowners insurance</a> or <a href="https://www.businessinsider.com/what-is-life-insurance-details-types-explained">life insurance</a>. But if you're concerned about the costs of elder care and know your own savings or help from family won't cover it, it's a good idea to get long-term care insurance.</p><p>According to <a href="https://longtermcare.acl.gov/costs-how-to-pay/costs-of-care.html">the US Department of Health and Human Services</a>, those most likely to need long-term care are women, because they statistically outlive men and in many cases wind up at home alone; people with chronic illnesses that lead to disability; people with a poor family health history; people with poor diet and exercise habits; and people with a chronic condition like diabetes or high blood pressure.</p><h2>How much does long-term care insurance cost?</h2><p>The longer you wait to buy long-term care insurance, the more expensive it is. Insurers determine premiums based on age, health, the type of policy, benefit period, and coverage amount. The American Association for Long-Term Care Insurance recommends buying a policy between ages 52 and 64 for the best rates.</p><p>A single male in good health will pay about $2,050 year, on average, while a single female will pay $2,700 annually, <a href="http://www.aaltci.org/long-term-care-insurance/learning-center/ltcfacts-2019.php#2019costs">according to the organization's data</a>. For a couple aged 55, the average annual premium is around $3,050. </p><p>It's important to note that insurers reserve the right to <a href="http://www.aaltci.org/long-term-care-insurance/learning-center/long-term-care-policy-rate-increases.php/">increase your premium</a> after you buy the policy, as long as they do it for all policyholders in the same classification.</p><p>People who already need help with any qualifying daily activities, have had a stroke in the last several years, or have dementia, a progressive neurological condition, AIDS, or metastatic cancer <a href="https://longtermcare.acl.gov/costs-how-to-pay/what-is-long-term-care-insurance/buying-long-term-care-insurance.html">may be denied long-term care insurance</a>.</p><h2>Where do I buy long-term care insurance?</h2><p>Most LTC insurance policies are sold by about 15 to 20 insurers nationally, <a href="https://longtermcare.acl.gov/costs-how-to-pay/what-is-long-term-care-insurance/where-to-look-for-long-term-care-insurance.html">according to the US Department of Health and Human Services</a>. It pays to shop around and compare quotes online, but be sure to always check an <a href="http://www.ambest.com/home/default.aspx">insurance company's ratings</a> before buying a policy to get an idea of its claims payout history and track record.</p><p>LTC insurance can get complicated, so you may considering getting help from an insurance broker or <a href="https://www.businessinsider.com/everything-you-need-to-know-about-financial-planners">certified financial planner</a> to make sure you're choosing the right policy for your needs.</p><p>Your employer may also offer long-term care insurance at a group rate, which is often cheaper than the cost of an individual policy.</p><h3>Related coverage from <a href="https://www.businessinsider.com/category/personal-finance-how-to" data-read-more-link="" data-e2e-name="read-more-link">How to Do Everything: Money</a>:</h3><ul><li><h3><a href="https://www.businessinsider.com/how-to-get-health-insurance-cobra-medicaid-marketplace" data-read-more-link="" data-e2e-name="read-more-link">How to get health insurance</a></h3></li><li><h3><a href="https://www.businessinsider.com/everything-you-need-to-know-about-financial-planners" data-read-more-link="" data-e2e-name="read-more-link">Everything you need to know about financial planners</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-does-life-insurance-work-protects-your-family" data-read-more-link="" data-e2e-name="read-more-link">How does life insurance work?</a></h3></li><li><h3><a href="https://www.businessinsider.com/how-to-retire-early-health-insurance-before-medicare-2019-6" data-read-more-link="" data-e2e-name="read-more-link">How to retire with health insurance if you're too young for Medicare</a></h3></li></ul>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/behind-scenes-fox-news-star-shepard-smith-donald-trump-politics-2017-12">Behind the scenes with Shepard Smith - the Fox News star who just announced his resignation from the network</a></h3>        <div>                    </div>    </div>

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Under the LTC cash voucher scheme, you can seek reimbursement for insurance premium paid between Oct 12-Mar 31

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Government employees will now be reimbursed for full rail fares for children between 5 to 12 years

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What is long-term care insurance?

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