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Jimmy Rodefer: Consider long-term care insurance : Long Term Care Insurance Network

Jimmy Rodefer: Consider long-term care insurance

By administrator | Aug 31, 2015

Jimmy Rodefer: Consider long-term care insurance
News from Knoxville News Sentinel:

With Americans’ life expectancy now at about 79 years, some of our longer lives will be spent needing lengthy — and costly — long-term care.

The fact that long-term care is for many an unavoidable health care need helps explain why tax deductions — which many people don’t know about — exist for qualified long-term care insurance.

The Centers for Disease Control website explains LTC: “Long-term care services include a broad range of health, personal care, and supportive services that meet the needs of frail older people and other adults whose capacity for self-care is limited because of a chronic illness; injury; physical, cognitive, or mental disability; or other health-related conditions.

“Individuals may receive long-term care services in a variety of settings: in the home from a home health agency or from family and friends, in the community from an adult day services center, in residential settings from assisted-living communities, or in institutions from nursing homes, for example.”

A common mistake is to think Medicare pays for such needs as nursing homes, skilled nursing care; and assisted living services. It doesn’t, for these and more issues, which is a reason LTC insurance exists.

The maximum qualified LTC insurance tax deductions are determined by age groupings.

In 2015, the maximum eligible premium…………… continues on Knoxville News Sentinel

… Read the full article

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Elder law tidbits: Long term care insurance, part 2
News from Ruidoso News:

(Tom Dunlap)

Let’s say you are going to buy LTC. You can afford it. You have researched the company and it is one of the three best in the nation. What to buy?

We all want to stay at home, so I’d recommend devoting a significant amount premium to home care. Take a policy illustration prepared by the agent, before you buy, to your favorite home care company and see what they think. It’s like people who buy legal insurance. The ins. co. says “we’ll do this and that for you,” but all I’m going to do is refer you because I don’t want to deal with all their forms and limitations on payment. Make sure the home care companies will deal with the insurer.

Allocate premium for coverage in posh retirement communities. These places are not nursing homes, but they do have levels of assisted living. None in Ruidoso… last time someone tried to build, the neighbors opposed construction downtown due to “cooking smells and traffic,” so plan a move to the desert…………… continues on Ruidoso News

… Read the full article


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