'Long Term Care' Articles

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Long Term Care articles deal with anything related to long term care (LTC). Long term care afflicts some 40% of retirees eventually.  Alleviating costs of long term care will do a lot to preserve your assets for your loved ones These articles explain what long term care is, its costs, and ways to handle it. You may see some long term care issues under our Health Exponse category and  both Medicare and Medicaid are generally treated in a separate category too. Look to see what's relevant for you.

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Two Tax Breaks for Paying for Long Term Care of Spouse at Home
It’s not uncommon to pay someone $15,000 per year to take care of your dependent spouse or parent. Federal taxes rules allow you to take either a tax credit or an itemized deduction for a portion of those expenses. Here’s the deal…read more


Make Sure Your Medicaid Trust Will Be Allowed
Paying nursing home long term care costs for just a year or two can deplete your savings or cut into you intended legacy for your children. But Medicaid will pick up the cost if you’re poor. Arranging ways to transfer or convert your assets to make you poor enough to qualify for Medicaid has become known as ‘Medicaid Planning’...read more

Planning for Long-Term Care? Keep These Points in Mind
Retirees must be aware of their possible need for long term care later in their retirement. Knowing its probability helps you plan for it more effectively... read more

2013 and 2014 Deductions and Exclusions for Your Long Term Care Insurance
As an incentive to take responsibility for your own long term care, the government (HIPPA) lets you deduct the insurance premiums you pay for qualified long term care  (LTC) expenses while excluding their insurance reimbursements for expenses you incur from your taxable income. These deductions are limited but increase according to your age. They’re also indexed for inflation. Here are the premium deduction limits for 2013 and 2014…read more

Qualify for Medical Deduction for Using an Assisted Living Facility in 2013
Many retirees will end up in a nursing home when they need constant assistance. But before that, they may choose to live in an assisted living facility (ALF) for convenience, security and comfort. To deduct costs for an assisted living facility, you must make sure the care you get there qualifies for it. Let’s see what care qualifies...read more

A Study Suggests Long Term Care Options Depend On Wealth of Retiree
The Center for Retirement Research (CRR) at Boston College finds[1] the cost of long term care (LTC) produces major concerns for Baby Boomers. The strategy to handle that cost depends upon a household’s wealth level...read more

You May Be Able to Use an Immediate Annuity in Your Medicaid Planning
Medicaid will cover your long term care for free but only after you have no more than a minimum amount of assets. It is essentially a welfare program for the poor. These Medical limits are set forth by each state. Medicaid can claim any assets you have that are in excess of this limit first to pay your long term care costs. Only when these excess assets are depleted can the Medicaid’s ‘free’ benefits start...read more

Use an Irrevocable Income Trust To Protect Your Assets from Medicaid
Medicaid will pay for your long term care (LTC) costs, but only if you have little or no assets. ‘Medicaid Planning’ means divesting control of your assets long before you apply for Medicaid so you’ll qualify as ‘poor enough’ for its free LTC payments. Setting up an Irrevocable Income Only Trust (IIOT) is part of this planning...read more 

Some Considerations When Buying Long Term Care Insurance
Along with expectations of living longer comes the increasing possibility of needing long term care (LTC). It’s a costly concern. Unfortunately, ordinary health insurance policies and Medicare usually don’t pay for long-term care expenses. And Medicaid, a federal/state health insurance program, pays for it only if you've spent most of your savings or other assets. That’s because Medicaid is a program for the poor. You’re only insurance option is LTC insurance...read more

Getting Acquainted with Long Term Care Insurance Option
One complication of ‘Old Age’ is the need for long term care (LTC). You need LTC when you can no longer handle simple daily activities (like dressing, toiletry, moving, eating, etc) by yourself.  Help with your LTC needs can take place at your home, at an assisted living facility, or in a nursing home. Generally, once LTC starts, it’ll continue as long as you live; and it’s costly. One way to handle LTC costs is with LTC insurance...read more

Medicaid May Not Be a Good Option for Your Long Term Care Planning
Yes, Medicaid will pay for your long term care costs – but only if you haven’t the income or assets to pay. But often, people who could pay for their long term care directly or through insurance make themselves eligible for Medicaid by transferring their assets to other family members. For such people, this divestiture of wealth is called ‘Medicaid Planning’. Perhaps this is not the way to go for their personal benefit as well as that of the government’s. Here’s why…read more

2011 and 2012 Deductions and Exclusions for Your Long Term Care Insurance
HIPPA provides for deductibility of qualified long term care (LTC) expenses and excludes from taxable income your qualified long term care benefits. This is provided to you as an incentive to take financial responsibility for your long term care. As you age, you get higher deduction limits for LTC premiums payments you make. This helps retirees. Let's see what the tax advantages are...read more

What’s Long Term Care and what’s it to me?
Know what it’s all about so you can start taking action based on your circumstance. The issues of long term care can be summarized in response to five questions... read more

Tips to Cut Your Long Term Care Insurance Premiums
Long term care (LTC) will affect 3 out of 4 seniors. Paying directly for the LTC costs can be financially devastatingly.
If you have very few assets, Medicaid will pick up your LTC costs. Those who have more....read more

Know the 7 Key Parameters of Long Term Care Insurance
Our chance for needing long term care (LTC) increases the longer we live. Directly paying for LTC can easily deplete an average person’s estate leaving a beneficiary with no legacy. You can purchase LTC insurance to protect your legacy. But you must understand if the 7 key parameters of your policy will do the trick for you...read more  

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