Category archives: Long-Term Care Insurance
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1 year ago
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You may not foresee ever needing assistance with your day-to-day life. However, research shows that seven in 10 adults aged 65 and older will require long-term care at some point in their later years. Meanwhile, the U.S. population continues to age rapidly. Americans aged 65 or older are on track to... [read more]
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1 year ago
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Even if you have a long-term care insurance policy, you may likely be hoping that you won't ever have reason to use it. Regardless of what the future holds, there's one silver lining of which you may not be aware. That is, premiums on many long-term care insurance policies are in fact tax-deductible... [read more]
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3 years ago
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Long-term care insurance helps you prepare for financial costs associated with aging, such as nursing home care, assisted living, or in-home care. Yet long-term care insurance policies vary widely in terms of the amount of coverage and how long the protection lasts.
The Average Costs of Care
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3 years ago
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Tax day, which is Tuesday, April 19 in 2022, is approaching and it is time to begin crossing T's and dotting I's in preparation for paying taxes. As tax time draws near, you want to make sure you file all the proper forms and take all deductions you're entitled to.
Following are some things t... [read more]
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4 years ago
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Buying long-term care insurance is one way to protect against the high cost of long-term care. However, this type of insurance may not be for everyone, so consider all your options.
Long-term care – care in a nursing home or at home -- may be paid for in four main ways:
Out-of-pocket. If y... [read more]
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5 years ago
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As baby boomers age, more and more millennials are becoming caregivers. Many are taking on this role while just getting started in their own lives, leading to difficult decisions about priorities. Proper planning can help them navigate this terrain.
The term “sandwich generation” was coined t... [read more]
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5 years ago
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The Internal Revenue Service (IRS) has announced the amount taxpayers can deduct from their 2020 income as a result of buying long-term care insurance.
Premiums for "qualified" long-term care insurance policies (see explanation below) are tax deductible to the extent that they, along with oth... [read more]
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6 years ago
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We're often asked by clients how our Elder Law Attorneys can help them be prepared for the need of long-term care. Our answer is that as a part of thorough Estate Planning, we create documents that are flexible enough to allow the use of various strategies to obtain and pay for long-term care. S... [read more]
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6 years ago
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Nursing home and long-term care costs continue to rise and it is difficult to qualify for Medicaid to pay for nursing home costs. Long-term care insurance can help cover expenses, but long term care insurance contracts are notoriously confusing. How do you figure out what is right for you? The follo... [read more]
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6 years ago
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We’ve all heard the advice “It pays to shop around,” but this has never been more true than with the current market for long-term care insurance.
According to the latest industry figures, the spread between the lowest and highest cost for virtually identical coverage was as high as 243 percen... [read more]
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6 years ago
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The Internal Revenue Service (IRS) is increasing the amount taxpayers can deduct from their 2019 income as a result of buying long-term care insurance.
Premiums for "qualified" long-term care insurance policies (see explanation below) are tax deductible to the extent that they, along with oth... [read more]
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7 years ago
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The older you get, the harder it is to qualify for long-term care insurance. If you are interested in buying this insurance, it is better to act sooner rather than later.
Many people put off purchasing long-term care insurance until they need it, but by then, it may be too late. Not only do p... [read more]
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