Long Term Care Insurance Blog

A recent article on Ohio.com points out a growing concern employees have with their employers benefits.

Benefits are taking on a heightened importance for most workers in an economy in recession. They are more actively involved in managing the benefits provided by their employers, says a new study conducted by MetLife Inc.

Employer benefits have always provided a bit of a safety net for employees (as well as being used as a competitive advantage to hire the best canditates for the company themselves.) But as the article states, in the current economy, benefits are more important than ever before, and not just heath care and 401k plans.

The biggest concern, cited by 65 percent of workers, is affording health care in retirement. The second biggest worry was a tie between outliving retirement money and having the money to care for a spouse’s long-term needs, both issues cited by six in 10 participants.

The rising cost of health care is a huge issue, as we’ve stated numerous times. As the housing bubble deflates and large amounts of savings are lost in the (current) stock market, many are worrying about there ability to pay for long term care. While many companies do offer insurance for long term care, many are not aware of the high percentage (nearly 50%) of employees that at some point will be either directly or indirectly (family member) be affected by long term care needs. Not only would offering insurance for long term care insurance as a benefit help ease some employee stress, but there are employer tax benefits to long term care insurance too.

Individuals can also deduct long term care insurance on taxes, as we stated in our last post.

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Back in October we made a quick post regarding business tax deductions for long term care insurance. It was a short post with links to some very helpful resources. On the other hand, many individuals who pay for long term are care insurance are probably wondering if they can, somehow, write off some their own LTC insurance premiums. The answer is yes…

NOTE: before making any decisions regarding what you can, and can’t write off, contact a long term care specialist and find out what can be done.

The Internal Revenue Service (IRS) has announced increased deductibility levels for long-term care insurance policies purchased in 2009. “To encourage individuals to purchase long-term care insurance the federal government and many states offer tax deductions and tax incentives that increase yearly.” explains Jesse Slome, Executive Director of the American Association for Long-Term Care Insurance (AALTCI).”

Click here to read a comprehensive review of tax deductibility rules and 2008 and 2009 tax limits for individuals and business owners

There is still time to take advantage of tax deductions in 2008 and also benefit from the increased deductible limits next year. The deductible limits under Section 213(d)(10) for eligible long-term care premiums that can be included in the term ‘medical care’ are as follows:

2009 Eligible Long-Term Care Insurance Premiums

Attained Age Before Close of Taxable Year & Max. Limit

• 40 or less: $ 320
• More than 40 but not more than 50 $ 600
• More than 50 but not more than 60 $1,190
• More than 60 but not more than 70 $3,180
• More than 70 $3,980

Source: IRS Revenue Procedure 2008-66 (2009 limits)

More info resources regarding long term care insurance tax write-offs:

• http://www.kiplinger.com/columns/ask/archive/2008/q0814.htm
• http://www.smartmoney.com/personal-finance/insurance/the-smartmoneycom-ltc-insurance-evaluators-12864/#calculator2

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It’s an ongoing topic of conversation, one that is often quite heated, and, at times confusing. We’ve written about medicare medicaid services in the past in an effort to educate what medicare & medicaid will, and won’t, cover, versus LTC insurance. In the end it is a personal decision, though the best thing to do is to simply contact a long term care insurance specialists and ask them questions, lots of questions. Discuss your situation, your health, your financial status. Take this information and sit it on overnight. Talk to friends an others who are in similar situations.

Why are we bringing up this topic again? Here’s the premise from a recent news story by the Washington Post, titled “Medicaid Planning Is the Wrong Call”.

My sister says our family should begin elaborate “Medicaid planning” to shelter our elderly parents’ assets and make them look poor enough to qualify for government-paid nursing-home assistance, even though they’re in good health today. I think this is unethical. What do you think?

What’s the right thing to do here? Is there a right answer? You can read the rest of the story HERE, but we’d love to hear your reaction.

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We just received an email announcing a rebroadcast of a PBS special on aging, “Living Old,” that we wanted to pass on. This looks like a worthwhile program that explores the issues of what is described as “the first-ever mass geriatric society,” and what that means both socially and economically.

This Week: “Living Old” (60 minutes),

March 17th at 9pm on PBS (Check local listings)

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This week, as President Obama attempts to move forward with major health care reform, and increasing numbers of Americans struggle to provide for their aging relatives in a down economy, FRONTLINE is rebroadcasting “Living Old” — a poignant exploration into the lives of the elderly. For the first time in our history, “the old old” — those over 85 — are now the fastest growing segment of the U.S. population. 

“We’re on the threshold of the first-ever mass geriatric society,” warns Dr. Leon Kass,  the former chairman of the President’s Council on Bioethics. “The bad news is that the price that many people are going to be paying for [an] extra decade of healthy longevity is up to another decade of anything but healthy longevity. … We’ve not yet begun to face up to what this means in human terms.”

Reckoning with the staggering impact of prolonged life is exactly what producers Miri Navasky and Karen O’Connor attempt in this film: Through an intimate examination of the modern realities of aging — from the perspectives of the elderly, their families, and the doctors and nurses caring for them — they paint a picture of a world that will ultimately touch us all. 

We hope you’ll join us for the broadcast Tuesday night. In the meantime, visit our Web site to sample the full program streamed online, read the press reaction, and also sample some of the hundreds of letters we’ve received about this film.  http://www.pbs.org/wgbh/pages/frontline/livingold/

Long Term Care Insurance, The Baby Boomers

There’s been some recent press on the development of the Long Term Care Insurance Guild, an online resource for both professionals and the public seeking assistance on long term care insurance issues. The below is a link to the article from FOXBusiness news.

Industry Leaders Applaud Formation of Long Term Care Insurance Guild – FOXBusiness.com

Posted using ShareThis

You can view our profile HERE

Contact Us for a free long term care insurance quote

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Written last October, this piece in the New York Times is just as relevant then as it will be 100 years from now. It illustrates the ongoing challenge of maintaining our own long term care as well as that of our aging parents.

MOST of the nation’s 78 million baby boomers are watching their parents grow old. While investigating caretaking options for their parents, they should also be thinking about their own old age and planning how they will pay for nursing homes or home health aides for themselves, experts say. With life expectancy steadily rising, the odds are that they will eventually need some help with basic functions, like dressing or walking, maybe for decades.

But many boomers are ignoring this prospect.

That doesn’t mean people aren’t aware of the issue. As we stated in a prevous post, the average age of those seeking insurance for long term care is falling and last year studies estimated that nearly 84% of those needing long term care services were under the age of 65.

That doesn’t mean we all need to rush out and buy LTCI. Consider your income and current wealth. If you have enough money saved up and are healthy (typically a couple million $$), long term care insurance may not be for you. (Just make sure to plan for the unexpected in this case!) Furthermore, if you have limited wealth or assets, you will probably be able to take advantage of certain medicare and/or medicaid services. But again, this is limited too, so make sure to read up on what medicare medicaid services will cover in the event you need long term care.

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The U.S. Department of Health and Human Services started, back in January 2005, a program designed to help facilitate the planning of long term care needs. The goal of the campaign is really to help educate the public about long term care issues and how to prepare for them.

You can download a free long term care planning kit HERE. Not all states are participating in this campaign, so make sure to check their site for further details.

Once you have a better understanding of what long term care is and how you can take appropriate steps to prepare for the future, contact us for a free long term care insurance quote. We’ll help answer any further questions you have.

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