People who are planning for extended care and are considering LTC (long-term care) insurance often hear about potential rate increases and it scares them! It is true that older traditional LTC insurance policies have had premium rate increases. The question…
Traditional long-term care (LTC) insurance is a cost efficient way to get the most LTC coverage for the least amount of premiums because it’s stand alone insurance; there’s not an added benefit if you don’t need care. Not everyone will…
If you or a loved one needs care, who will provide care? Will it be a family member or professional? If it’s a family member, what are they giving up in order to provide care? Time Time is often thought…
Long-Term Care State Partnership Program Explained The long-term care state partnership porogram is a partnership between state governments and private insurance. It was created to encourage Americans to plan for their long-term care (LTC) needs. The passage of the Deficit…
Individual Long-Term Care Insurance Premium Deductibility Premiums for long-term care insurance are deductible with other individual medical expenses under IRC Section 213(d)(1)(D). For the premiums to be deductible, long-term care (LTC) insurance must be considered “tax-qualified” under IRC Section 7702B(b)). Fortunately,…
Everyone Needs a Plan for Long-Term Care No one likes to think about themselves being vulnerable or dependent on another person to help them with daily tasks, right? The reality is that most people will need some form of extended…
Will Other States Enforce a LTC Payroll Tax? There are over a dozen states looking into a payroll tax to fund long-term care like Washington state did. Click here to read about WA’s payroll tax for WA Cares Fund. Washington…
Planning for Long-Term Care Everyone needs a plan for extended care (long-term care/LTC). What does a LTC plan include? There are four main components: Care Preferences, Family, Finances, and Legal Matters. These areas will cover the Who, What, Where, and…
One reason we love long-term care insurance (LTCi) is that you can use it for home care. Comprehensive LTCi policies allow you to receive care wherever you call home and are receiving care. It allows you to stay in control…
#1 – Women Women are most likely to need extended care because they tend to live longer. Women live on average 5 years longer than men and tend to also suffer from chronic diseases that limit mobility versus men…