Nov

12

IRS issues premium deductibility limits for 2009

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The IRS has released the premium deductibility amounts for long term care insurance for 2009.  They are as follows:
               Age                         Deductible Amount

Age 40 or less                                    $320
Ages 41 -50                                       $600
Ages 51 - 60                                      $1190
Ages 61 - 70                                      $3180
Ages 70 or older                                 $3980

As you can see the older you get the more incentive [...]

Nov

10

Connecticut may opt-in to reciprocity with other Partnership states

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Connecticut has until January 1, 2009 to opt-in to reciprocity agreements with other Long Term Care Partnership states.
Many states have created partnerships with insurance carriers that provide Medicaid Asset Protection to people who have long term care insurance.  This asset protection allows people to protect their assets dollar for dollar in the amount of long [...]

Oct

23

Medicaid eligibility for long term care expenses

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We’ve been getting some questions recently regarding Medicaid eligibility.  Many people know that Medicaid will pay for long term care expenses, however, most of those expenses cover costs for nursing home care.  If you’re like most people, that is not the place you want to be, you want to remain in your home and community as [...]

Oct

14

How do I choose between a daily or a monthly benefit on my long term care insurance?

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On the surface choosing between a daily or a monthly benefit on a long term care insurance policy is simply a matter of cost.  However, there are sublte differences between the two that you should be aware of when deciding.
The most effective way to explain the difference between a daily or a monthly benefit is by [...]

Oct

8

Business owners can capitalize on tax benefits of long term care

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If you are a sole proprietor, partnership, limited liability company, s corporation, or c corporation you have tremendous opportunities to protect your retirement assets with long term care insurance.
The federal government has created tax benefits that allow you to deduct the cost of long term care insurance for yourself, key employees, and other employees who wish to [...]

Oct

3

If care costs $300 per day, why should I buy a policy that only pays $200?

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When planning for long term care using insurance as the solution to cover the costs associated with providing that care, it’s important to to understand how to arrive at the right amount of coverage for your family.
It’s not as simple as determining what care costs and buying a policy for that amount.  Looking at your [...]

Oct

1

New report shows Medicaid spending will total $3.7 trillion in the next two decades

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Reuters is reporting that the spending for long term care will total $3.7 trillion in the next two decades.  Click here for the article.
According to a report by Americas’s Health Insurance Plans, states would shoulder $1.6 trillion of the costs and the federal government would spend $2.1 trillion through the Medicaid program.  If the report is [...]

Sep

22

Mistake #8 - Failing to realize you may need long term care at home

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The risk of needing care in a nursing home is small. Because of that perception people wrongly assume the risk of long term care is also small. The risk of requiring some form of long term care is significant, and you should understand that in some cases proper home care can be nearly as expensive [...]

Sep

12

Mistake #4 - Having a long term care plan means I’m going to a nursing home

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In fact, creating a plan means just the opposite. Most people want to stay in their home as long as possible. They make a mistake believing that devising a long term care plan means covering nursing home expenses only. Long term care planning involves much more than that. The objective of long term care planning [...]

Sep

8

Mistake #2 - Medicaid will pay for my long term care needs

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Many people still mistakenly believe that Medicaid will support them the way it supported their parents’ just a few years ago. Medicaid only pays benefits to our nation’s poorest people. Medicaid is a welfare program. Chances are high that you are not among that group, and you need a plan.
This is the second message in [...]

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