Individual Long-Term Care Insurance Premium Deductibility Premiums for long-term care insurance are deductible with other individual medical expenses under IRC Section 213(d)(1)(D). For the premiums to be deductible, long-term care (LTC) insurance must be considered “tax-qualified” under IRC Section 7702B(b)). Fortunately,…
Everyone Needs a Plan for Long-Term Care No one likes to think about themselves being vulnerable or dependent on another person to help them with daily tasks, right? The reality is that most people will need some form of extended…
Will Other States Enforce a LTC Payroll Tax? There are over a dozen states looking into a payroll tax to fund long-term care like Washington state did. Click here to read about WA’s payroll tax for WA Cares Fund. Washington…
Planning for Long-Term Care Everyone needs a plan for extended care (long-term care/LTC). What does a LTC plan include? There are four main components: Care Preferences, Family, Finances, and Legal Matters. These areas will cover the Who, What, Where, and…
One reason we love long-term care insurance (LTCi) is that you can use it for home care. Comprehensive LTCi policies allow you to receive care wherever you call home and are receiving care. It allows you to stay in control…
#1 – Women Women are most likely to need extended care because they tend to live longer. Women live on average 5 years longer than men and tend to also suffer from chronic diseases that limit mobility versus men…
The Pension Protection Act & Long-Term Care Aren’t we all tax rebellious to a certain extent and within reason? Enter the Pension Protection Act (PPA), which just might be the best tax incentive afforded to people concerned about paying for…
Chronic Illness vs. Long-Term Care (LTC) Riders What do these riders do? They help pay for expenses when you become chronically ill and you meet certain conditions. They’re going to be added to permanent life insurance policies that allow…
Are you self-employed? If yes, then perk up your ears. If you couldn’t work because of an illness or accidental injury, how would you pay bills and provide for your family and yourself? An individual disability income (DI) policy provides…
Many people believe that Medicare will cover most or all the cost of long-term care (LTC) for everyone, but that’s simply not true. Let’s take a closer look at what Medicare does and does not cover. What is Long-Term Care?…