The IRS Provides One More Reason to Consider Long-Term Care Insurance
October 23, 2009
In the estate planning business we help people plan for the future, not only for their children and heirs but for themselves as well; which is why we are pleased to share the news that it just got a little bit easier to plan for your own financial future, because according to this article on Emax Health the IRS has just approved higher tax deductions for long-term care insurance.
Advancements in health care and our standard of living mean that Americans are living longer than ever before, but that doesn’t mean they’re living better in their old age. Very few of us are able to remain healthy and hearty until our dying days; rather, most aging Americans will experience a slow decline in their mental and physical health, and require some kind of nursing care, either at home or in a nursing facility. Unfortunately, the cost of that care is prohibitively expensive, and once a patient’s own financial resources have been exhausted the burden then falls on their family, or they end up relying on government benefits.
Long-term care insurance is one way of planning ahead to pay for the nursing care that most of us will almost assuredly need. The higher tax deductions approved by the IRS offer one more reason to consider long-term care insurance: by planning for your future you can save on your taxes right now. But do your research and consult with a professional before you jump in, because the deductions are available only on “qualified” policies, and there are limits on the amount of the premium deduction, depending on the age of the taxpayer at the end of the year.
Help for Growing Old Gracefully and Peacefully
April 4, 2009
There is a saying that goes something along the lines of “the only thing worse than getting old is the alternative,” which is said to express pretty well the dismay, betrayal, confusion and sometimes horror that go along with the aging process. Americans are living longer than ever—which really means that there are more opportunities for our bodies to fall apart on us—and elderly Americans are finding that they don’t have the means to pay for all the support and care (often professional care) that their aging bodies require.
Long-term care for elderly Americans can be extremely expensive; instead of heaping that cost upon their children (who in many cases may not be willing or able to pay it) many Baby Boomers are opting to invest in long-term care insurance to cover all or a portion of their anticipated long-term care costs.
If you are considering purchasing long-term care insurance the AARP has a wonderful article to help you through the process. The article covers everything from an easy overview of what long-term care insurance is and what costs it will traditionally cover, to key issues to consider before purchasing a policy.
The thing about growing old is that we all know it’s going to happen; the least we can do is prepare ourselves and our families for what’s coming. That means preparing emotionally, organizationally, and financially. If long-term care insurance can help with one or more of those things it brings us one step closer to growing old gracefully, and just as important—growing old peacefully.
And for those who may not be able to qualify because of health issues, or cannot afford the cost of insurance, there may still be a safety net. A government subsidy under the Medi-Cal Long Term Care Program may be available to help with nursing home costs, depending upon your circumstances. While our firm does not sell long term care insurance, where appropriate we have helped numerous clients qualify for a nursing home subsidy under the Medi-Cal program, while simultaneously asssiting them preserve their life savings and protect their family home.
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